An Uber freight train.

Source: Travis Kalanick | Twitter

Uber Freight, the rideshare company’s trucking division, announced Thursday that it is acquiring shipping software company Transplace in a deal that valued the transportation logistics company at $ 2.25 billion.

Uber stocks were slightly negative on the Thursday morning following the announcement.

Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset company TPG, which Transplace acquired in 2017. The transaction includes up to $ 750 million in common stock of Uber and the remainder in cash.

It’s a rare move for Uber, which has spent the last year shedding its profit-guzzling self-driving units and the flying taxi segment. Instead, Uber has decided to invest billions in strengthening its Uber Eats segment and to acquire Drizly liquor delivery service and Postmates grocery delivery service.

Transplace makes software that helps companies manage their supply chains for shipping goods. According to the company, it operates one of the largest software platforms for supply chain management and logistics in the world.

Uber Freight, a separate division of Uber, offers similar software tools for managing supply chains and shipping. Uber Freight claims to have over 70,000 carriers on its network who can ship items for businesses.

Uber Freight posted $ 301 million in revenue for the first quarter of this year, up 51% from Q1 2020. Despite its growth, Uber Freight only contributes a small portion of Uber’s total revenue, which is largely made up of trips and Food stems delivery.

The deal is set to help Uber’s truck division achieve profitability. The company said it could help the segment break even on an adjusted EBITDA basis by the end of 2022.

The deal is still subject to regulatory approval.

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