Reports and Publications
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Reports and Publications

OATS frequently authors and contributes to studies, reports, and academic journal articles that shed light on the intersection of technology and older adults.

We are data-driven and metrics-obsessed, and this mindset in combination with a front-row seat to the audiences we serve makes for an open spigot of research and learnings. Below is a compilation of our most recent reports and publications:

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Virtualware completes the acquisition of British company Virtalis
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Virtualware completes the acquisition of British company Virtalis

Manchester, 28 September 2026.- Virtualware (EPA: ALVIR), a European pioneer in 3D-driven industrial software listed on Euronext Growth Paris, has completed the acquisition of 100% of Virtalis Holding, the Manchester-based virtual reality and RT3D visualization software company.

The acquisition more than doubles the company’s scale, with pro forma revenue increasing from €4.32 million to €10 million based on projected 2026 results. The combined group creates one of the largest European providers of immersive visualization and digital twin technology for industry, nuclear, critical infrastructure and defence.

“This acquisition marks a significant milestone for Virtualware, not only because of its scale, but also because it strengthens our product portfolio and expands our industrial customer base,” said Unai Extremo, CEO and founder of Virtualware.

Virtalis, founded in 2003 and headquartered in Manchester, specializes in virtual reality and RT3D visualization software. Its technology is used by BAE Systems, Blue Origin, Lam Research, Seaspan, Subsea 7, Vestas, Thales, Lockheed Martin and Ford.

The acquisition further strengthens Virtualware’s international footprint, rising its revenue generated outside Spain from 54% to 78%. The United Kingdom becomes the largest market, accounting for 37.7% of the proforma combined group’s aggregate revenue.

The acquisition follows Virtualware’s track record of inorganic growth. In October 2024 it acquired Swedish company Simumatik, a specialist in emulation and digital twin technology.

Shareholders approved the transaction at the Extraordinary General Meeting held in Basauri on 21 September 2026. The acquisition combines a fixed payment of 5 million euros on completion plus a variable component linked to Virtalis’s operating results in 2026 and 2027, funded through commercial debt.

LKS Corporate Finance served as Lead Financial Advisor to Virtualware on its acquisition of Virtalis, providing comprehensive financial advisory services, including valuation, transaction structuring, negotiations and deal execution and Geldars LLP as the legal advisor.

“We are proud to have supported Virtualware in the execution of a highly strategic acquisition that strengthens its international footprint and reinforces its leadership in industrial software.” Mariano Colmenar, Head of LKS Corporate Finance.

The acquisition was structured through a financial syndicate backed by Banco Bilbao Vizcaya Argentaria (BBVA), the Instituto Vasco de Finanzas (IVF, Basque Government’s public financial entity), Cofides and Elkargi.

Virtualware Founders (Unai Extremo & Sergio Barrera)

Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and VR technologies for industry, nuclear, critical infrastructure and defence.

Virtualware serves global organizations including GE Vernova, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense and the Basque Government.

The company’s headquarters are in Bilbao, Spain, with offices in Orlando, Toronto and Skövde.

Investor Relations: ir@virtualwareco.com

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Virtualware to Showcase XR Rail Training at InnoTrans 2026
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Virtualware to Showcase XR Rail Training at InnoTrans 2026

Bilbao, September 21, 2026.— Virtualware (EPA: ALVIR), a European pioneer in 3D-driven enterprise software, will participate in InnoTrans 2026, the world’s leading trade fair for transport technology, taking place in Berlin from September 22 to 25. Together with the Spanish Railway Association Mafex, Virtualware will showcase how immersive technologies are helping rail organizations modernize workforce training and operational readiness.

Virtualware is a member of Mafex, the association representing Spain’s rail industry. Bringing together more than 100 companies across the railway value chain, Mafex promotes internationalization, innovation, and the global competitiveness of the sector.

Participation in InnoTrans reflects a shared commitment to accelerating the adoption of advanced visualization and simulation technologies, including extended reality (XR), digital twins, and collaborative virtual environments, across rail operations, maintenance, and workforce development.

One of the most significant examples of this transformation is the Railway Infrastructure Training Simulator (RITS), developed for ADIF, Spain’s national railway infrastructure manager. Earlier this year, ADIF renewed its agreement with Virtualware for an additional four years in a contract valued at more than €800,000, ensuring the continued operation and evolution of the platform.

Powered by VIROO, Virtualware’s enterprise XR platform, RITS enables multiple users to train simultaneously in realistic virtual environments covering a broad range of railway operation and maintenance procedures. The system allows workers to develop critical skills in a safe, repeatable, and highly immersive setting without impacting real-world infrastructure or operations.

Currently deployed at ADIF’s Valencia Technology Training Centre and additional locations across Spain, RITS supports the training of approximately 1,000 new railway professionals every year and has become a benchmark for immersive workforce development in the rail industry.

The project has received international recognition, including a Bronze Excellence in Technology Award from Brandon Hall Group in 2024 in the category of Best Advance in Augmented and Virtual Reality. RITS has also been presented at the UIC World Congress on Railway Training and featured in industry publications and events showcasing innovation in railway training and simulation.

“The ADIF project proves that immersive training is an operational reality in critical infrastructure. Bringing RITS into the InnoTrans conversation together with Mafex allows us to share a tangible case of how an XR infrastructure like VIROO can scale rail workforce training in a safe, efficient and truly collaborative way” said Unai Extremo, CEO of Virtualware.

Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and real-time 3D technologies for industrial and educational environments.

The company serves global organizations and institutions such as GE Vernova, NextStar Energy, Volvo, ADIF, Bosch, Fill Machine Engineering, the Spanish Ministry of Defense, NATO, Ohio University, Lethbridge Polytechnic and the University of El Salvador.

Virtualware is headquartered in Bilbao, Spain, with subsidiaries in the United Kingdom, Canada, the United States and Sweden.

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Virtualware and Partner GlobePoint Sign Agreement with Korean Education Group to introduce VIROO across its education ecosystem
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Virtualware and Partner GlobePoint Sign Agreement with Korean Education Group to introduce VIROO across its education ecosystem

Bilbao, September 17, 2026.- Virtualware (EPA: ALVIR), a European pioneer in 3D-driven industrial software, together with its South Korean partner GlobePoint and Korean Education Group (KEG), have signed a Memorandum of Understanding (MoU) to introduce VIROO across KEG’s education ecosystem, including vocational education, digital academies, IT and game development training, industry-oriented learning programs, and higher education initiatives.

The agreement establishes a framework for cooperation to support KEG’s ambitious “Vision 2030: A Time of New Possibilities” strategy through immersive and real-time 3D technologies, leveraging Virtualware’s flagship software platform, VIROO. The objective is to accelerate digital education transformation, expand learning opportunities, and support knowledge exchange and international collaboration across KEG’s network of academies, subsidiaries, and strategic partners. This strategy aims to grow KEG’s revenues from KRW 200 billion (€130 million) to KRW 500 billion (€325 million).

“This agreement marks an important step in expanding VIROO’s presence in South Korea and reinforcing our commitment to the region’s education sector. Together with GlobePoint, we look forward to supporting KEG’s Vision 2030 and helping drive educational innovation and leadership through immersive and real-time 3D technologies,” said David Moreno, Chief Business Development Officer of Virtualware.

KEG is one of South Korea’s leading private education groups, with nearly two decades of experience delivering education and workforce development programs across a diverse range of disciplines. The organization serves more than 1.8 million students through a nationwide network of 64 campuses, and 8 specialized academy brands, including SBS Academy Computer Art, SBS Academy Game School, Korea IT Academy, Korea Culinary Art Academy, All That Beauty Academy, Korea Flight Attendant Academy, Korea Entertainment Academy, and Korea Pet Academy. In addition, the group is supported by four subsidiaries focused on marketing, digital platforms, IT services, and business acceleration.

“Our Vision 2030 roadmap is designed to strengthen KEG’s leadership position, expand into new business areas, and deliver greater value to students and partners. This collaboration with Virtualware and GlobePoint reflects our commitment to innovation and to exploring new approaches that can shape the future of education in South Korea and Asia,” said Kim Young‑woo, CEO of Korean Education Group.

GlobePoint’s role in this collaboration extends beyond market representation. With extensive experience supporting educational institutions, digital learning initiatives, and technology adoption projects in South Korea and Asia, GlobePoint will provide local expertise, market insight, and strategic guidance to help maximize the impact of VIROO across KEG’s ecosystem and support the achievement of its Vision 2030 objectives.

“Through this collaboration, we aim to combine KEG’s educational expertise, GlobePoint’s deep understanding of the Korean education market, and Virtualware’s edtech capabilities to support KEG’s growth strategy and drive meaningful innovation across its education ecosystem,” said Raymond Cho, CEO of GlobePoint.

The signing ceremony took place during Edtech Korea, Korea’s representative Edtech exhibition and one of Asia’s leading education technology events.

Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and real-time 3D technologies for industrial and educational environments.

The company serves global organizations and institutions such as GE Vernova, NextStar Energy, Volvo, ADIF, Bosch, Fill Machine Engineering, the Spanish Ministry of Defense, NATO, Ohio University, Lethbridge Polytechnic and the University of El Salvador.

Virtualware is headquartered in Bilbao, Spain, with subsidiaries in the United Kingdom, Canada, the United States and Sweden.

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Posts by Ombudsman For Banking Services and Investments
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Posts by Ombudsman For Banking Services and Investments

As a not-for-profit organization, OBSI recovers all of its budgeted operating expenses from its participating firms each year. OBSI's budget and the allocation of this budget between the different industry sectors that use OBSI's services is approved by OBSI's Board of Directors each September. Our board also considers fairness and the impact of fee changes on member firms when setting fees. A guiding principle is that no sector or registrant category should subsidize another.

OBSI is changing the methodology used to allocate fees for CIRO regulated firms. The changes are intended to improve administrative efficiency, fee transparency and fee predictability for firms.

The total amount charged to the CIRO sector as a whole will not change as a result of adoption of the new methodology. However, how we allocate this amount among firms in the sector is changing. The changes will take effect in fiscal 2027.

Read OBSI's latest newsletter featuring Q2 2026 case data and insights, two new case studies involving unsuitable investments and mortgage insurance disclosure, an update on OBSI's Early Resolution initiative, and the release of the 2026 Independent External Review.

Toronto, July 22, 2026 – Today, the Ombudsman for Banking Services and Investments (OBSI) released the results of the 2026 Independent Evaluation of its operations and practices for both banking and investment-related complaints. The full report can be found here.

We are pleased to announce that OBSI is implementing its Early Resolution initiative on an ongoing basis.

This initiative is designed to encourage firms to resolve complaints directly with consumers as early as possible in the OBSI process. As noted when the pilot was launched on November 1, 2025, early settlement of complaints can enhance consumer satisfaction and reduce resource demands, benefiting all users of our service.

Ms. Y opened a managed investment account with an advisor at an investment firm and transferred her entire life savings of $253,000. At the time, she was middle-aged, a single parent of four dependent children, and the owner of a small business with a net worth of $600,000. Her documentation showed she had a medium-risk tolerance, a willingness to accept losses of 10 to 15%, and limited investment knowledge and investment experience. She relied entirely on her advisor for investment advice, and he exercised full discretionary authority over her accounts.

Mr. and Ms. D wanted to purchase a home and applied for a mortgage. Because their down payment was less than 20% of the purchase price, the mortgage was required to be insured under Canadian mortgage rules, and the bank arranged mortgage insurance as part of the financing.

Read OBSI's latest newsletter featuring our Q1 2026 case data & insights, OBSI’s response to the Department of Finance’s National Anti-Fraud Strategy Consultation, Enhancements to the OBSI Firm Portal, a new case study, and the release of our 2025 Annual Report.

OBSI is pleased to announce new updates to the Firm Portal to improve transparency around investigation timelines and firm delays.

To provide clearer information about delays attributable to firms, two new fields have been added to the portal.

Mr. D used a credit card issued by Bank A to pay for online purchases from a Chinese e‑commerce platform in June 2025.

The seller provided Mr. D with a tracking number shortly after the purchase. However, the tracking information never showed any shipping activity beyond its initial creation. The estimated delivery date passed without the goods being delivered. Mr. D attempted to resolve the issue by contacting the seller through the platform, but the seller did not provide a meaningful response. Mr. D did not receive a refund or a replacement.

This website uses cookies to enhance usability and provide you with a more personal experience. By using this website, you agree to our use of cookies as explained in our Privacy Policy.

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Bulletins - Consumers
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Bulletins - Consumers

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Consumer Bulletin: An investor’s guide to understanding investment suitability and working with an investment advisor Investing helps to grow your savings, meet your financial goals and secure your financial future, but investing also involves risk and potential for loss. While all investors are interested in maximizing their gains and minimizing their losses, it’s typically not possible to do both at the same time. Generally, higher potential for returns means higher potential for losses. Investing wisely involves balancing your unique financial objectives and risk tolerance, as well as understanding the pros and cons of a wide range of different investments, account types and tax implications.

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Consumer Bulletin: Things to consider before you accept a balance transfer offer Credit card issuers (including banks, credit unions or other financial companies) often try to attract new customers to their cards by offering low interest rates on amounts transferred from other cards. The special promotional rates are typically offered for a limited time. After the promotional period, interest rates generally increase significantly.

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Consumer Bulletin: Understanding Fraud Protection Financial fraud is rising – we all see reports of it every day in the news and our social media feeds, but it can be difficult to appreciate the risks and impacts of fraud when we have not had first-hand experience. It is important for everyone to understand how financial frauds take place and how to remain vigilant for ourselves and our loved ones. Opting out of financial services is not possible – these services are an essential part of managing our money and securing our financial future. Understanding how to participate in the system and protect ourselves is the key to avoiding becoming a victim.

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Consumer Bulletin: Cryptocurrency scams increasingly targeting and exploiting Canadians A growing number of Canadians are interested in investing in new categories, such as cryptocurrency, but these emerging technologies and platforms are unfamiliar to most investors, giving fraudsters the advantage when they are looking for people to target. According to the RCMP, fraud involving cryptocurrency rose 400 per cent between 2017 and 2020. What had been hundreds of cases (734) in 2017 jumped to thousands of cases (7,598) in the first eight months of 2020, causing losses of almost $11 million dollars to Canadians since the onset of the pandemic.

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Consumer Bulletin: Be aware of the risks of DIY investing More Canadians are choosing to be self-directed or do-it-yourself (DIY) investors than ever before.

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Consumer Bulletin: Take care when considering mutual funds with DSCs Deferred sales charges (DSCs) are fees that mutual fund investors pay to the mutual fund company if they sell the mutual fund within a certain time after purchasing it.

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Consumer Bulletin: Sometimes fraudsters are people we know Canadians have good reason to fear getting scammed.

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Consumer Bulletin: Validate a power of attorney before it is needed It is something none of us wants to think about – what will happen if I or someone I care about becomes ill and needs assistance with our finances?

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Consumer tips for resolving a complaint with your bank or firm effectively During times of economic uncertainty, people often feel stressed about their finances. They spend more time thinking and worrying about money. Many will face unexpected expenses or loss of employment and lose the sense of security they had with their banks or firms. This may lead to concerns about being treated fairly.

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Online scams are cheating a growing number of consumers out of their savings Romance and employment scams are the most common online scams we see at OBSI. According to the Canadian Anti-Fraud Centre, Canadians lost more than $22.5 million to romance scams and more than $5 million to employment scams in 2018.

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Case Studies - Investments
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Case Studies - Investments

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Unsuitable investments lead to $152K loss for investor Ms. Y opened a managed investment account with an advisor at an investment firm and transferred her entire life savings of $253,000. At the time, she was middle-aged, a single parent of four dependent children, and the owner of a small business with a net worth of $600,000. Her documentation showed she had a medium-risk tolerance, a willingness to accept losses of 10 to 15%, and limited investment knowledge and investment experience. She relied entirely on her advisor for investment advice, and he exercised full discretionary authority over her accounts.

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Investor loses access to trading account after firm ends relationship Ms. C managed her own investments through a trading account at a do-it-yourself (DIY) investing firm (also known as an order-execution-only (OEO) firm), which operated as a subsidiary of her bank. She linked her bank account and trading account together and enjoyed the convenience of transferring funds between them. Ms. C managed both accounts independently as the sole accountholder.

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Investor misses investment opportunity due to firm’s miscommunication Ms. X worked at a large technology company that had a close business relationship with Company A. As an employee benefit, she received shares of Company A and transferred them to a self-directed online account at a DIY investing firm.

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Unsuitable investments lead to $62K loss for investor Mr. Y was a novice investor with financial assets of nearly $400,000, a net worth of $1.7 million and an annual income of $124,000 from his healthcare sector job.

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Investor accepts low settlement offer by firm despite significant losses from unsuitable investments Mr. G, a conservative investor with a modest income and limited investment knowledge, wanted to see growth on his retirement savings. His investments were initially held at Bank ABC where Mr. G thought the fees were too high and the returns were too low. When Mr. G met Mr. U socially, Mr. U said he was an advisor at Firm XYZ, and convinced Mr. G to switch to his firm by promising lower fees and the potential for better returns. Mr. G trusted Mr. U because he was an advisor at a credible firm. In the summer of 2016, Mr. G opened two accounts at Firm XYZ. He transferred $44,000 into a LIRA (locked-in retirement account) and $121,000 into an RRSP (registered retirement savings plan).

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Transfer delays lead to additional costs when settling father’s estate Ms. W was the executor of her father’s estate and was required to file his final tax return. After filing the return in late May, Ms. W received the Notice of Assessment which indicated that her father’s estate owed taxes to the Canadian Revenue Agency (CRA). The estate included several investment accounts at Firm A and Firm B, both of which held securities and cash. After withdrawing the full amount of cash available in the accounts, Ms. W needed to sell more securities to cover the remaining balance owed to the CRA.

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Parent frustrated investment firm won’t pay out daughter’s remaining RESP grants Ms. L had set up Registered Education Savings Plans (RESPs) for her two daughters, Ms. J and Ms. K. These accounts were set up as a family RESP with their investment firm with the understanding that if one child did not go to or complete post-secondary education, the other child would be entitled to the full amounts of the plans.

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Investor complains that unsuitable mutual fund investments led to financial losses Mr. Z was concerned that his Guaranteed Investment Certificates (GICs) earned very little interest due to low interest rates at the time and decided to look for better investment options. He sought the help of Mr. F, a registered investment advisor, to explore investment products that could provide a higher rate of return. Mr. Z wanted his investments to grow over the long term. He had a low tolerance for risk and no immediate need for the money in his investments. To guide their discussion, Mr. F documented Mr. Z's investment goals and risk preferences in his file.

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Consumer seeks compensation due to transfer delay from RRSP to RRIF Ms. R was an older investor who held equities in her Registered Retirement Savings Plan (RRSP) at an online investing firm. She turned 71 in 2020 and was required to convert her RRSP into a Registered Retirement Income Fund (RRIF) by the end of the year.

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Consumer’s intentions to gift money while alive could not be confirmed Ms. A was a senior with serious health issues who had given one of her three daughters Power of Attorney (POA). Ms. A’s daughter arranged a time for them to meet with Mr. G who was Ms. A’s long-standing mutual fund representative at her bank branch.

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Public Consultations
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OBSI undertook two independent evaluations of its operations and practices in 2026.

In September 2024, OBSI launched a public consultation on our approach to loss calculations involving unsuitably sold illiquid exempt market securities, describing the development of our approach, feedback we had received on our approach, and relevant considerations for an appropriate loss calculation methodology.

We would like to thank all those who provided their input to our loss calculation for complaints involving unsuitably sold illiquid exempt market securities consultation. The public consultation period was announced September 26, 2024, and the comment period for the project closed November 21, 2024. This consultation focused on assessing the process we currently use and helping us determine whether there are better alternative approaches we should adopt in such cases. This consultation was recommended in our 2021 independent expert external review.

OBSI is seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. We seek input from our stakeholders and other interested parties on the processes we currently use to help us determine whether there are better alternative approaches we should adopt in such cases.

We would like to thank all those who provided their input to our Governance Review. The public consultation period was announced November 1, 2022, and the comment period for the project closed January 31, 2023. The consultation was undertaken following OBSI’s 2021 independent review which called for a strategic review of our governance structure to determine how best to ensure that key stakeholder interests are most effectively incorporated into board membership and decision-making.

OBSI is seeking input from stakeholders and the public in relation to its organizational governance. This consultation is focussed on understanding how OBSI’s board can best ensure that it has the opportunity to consider the perspectives of stakeholders with financial service industry expertise and consumer advocacy expertise in its decision making.

As previously announced, Professor Poonam Puri is currently leading two separate independent reviews of OBSI’s operations and practices relating to our banking and investment-related mandates.

OBSI undertook two independent evaluations of its operations and practices in 2021.

OBSI underwent a public consultation process in 2018 on the modernization of its Terms of Reference in order to make them easier to use and current.

This website uses cookies to enhance usability and provide you with a more personal experience. By using this website, you agree to our use of cookies as explained in our Privacy Policy.

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Direct-to-Consumer Fulfillment
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Direct-to-Consumer Fulfillment

Americold helps build your business with accurate, speedy fulfillment directly to your consumers. Every order we pack and ship protects your product’s quality and promotes your brand’s appeal. Our proprietary SmarTrakr™ technology provides real-time tracking, automated updates, and customized reporting that help you reduce shipping costs and increase efficiency.

Americold’s Ecommerce Network

Delivery to 99% of the US population in 2 days or less

Expand your reach and bring your brand to new markets while preserving all-important product quality. We provide real-time tracking with our proprietary SmarTrakr™ technology and D2C solutions tailored to your business.

On time. On budget. On brand.

We take D2C solutions seriously, because we take your trust seriously. Fulfillment is more than simple delivery; it’s the follow-through on the promises you’ve made to your customers. Partnering with Americold helps your ecommerce business scale up without slowing down.

Our high service standard requirements, seamless integration with major ecommerce platforms, real-time data visibility, and buying power enable us to manage, pack, and ship your inventory more effectively. Our people, systems, processes, and technology help your business operate efficiently and control cost.

With our nationwide network of ecommerce fulfillment centers, we can put your product on the doorstep of 99% of America’s households within two days. Americold is the partner you need to take your D2C business to the next level and beyond.

D2C Solutions

Americold tailors a solution to your D2C business, including multi-temperature storage, pick-and-pack/kitting services, and insulated packaging sourcing.

Multi-temperature zones

Multi-temperature zones ensure your product is stored, picked and packed at the proper temperatures.

Discounted Shipping

Americold-negotiated small parcel shipping rates through major and regional carriers integrated with major ecommerce stores such as Amazon, Shopify and more.

Packaging

We source dry ice and gel packs at competitive rates through a mature packaging supplier network, with 6.8M lbs of dry ice shipped in 2025.

Ecommerce Intelligence Solutions

Benefits of our best-in-class ecommerce experience, built around speed, accuracy, and transparency.

Picking Accuracy

On Time Shipping

Packages Shipped in 2025

Saved in shipping costs using regional carriers via Rate Shop functionality

Customer Product Shipped

Let’s Do Better Together

Connect with our team and discover how Americold delivers specialized ecommerce solutions that help our customers feed the world.

Class (B2B/B2C)
B2B
Ingest Status
Rewritten
Dedupe hash
5c988b8c2efe270d59d9809500f81dcf
Press Eligible
Yes
Press Eligible Reason
Describes Americold’s ecommerce fulfillment services, technology, and logistics capabilities for businesses.
Source Name
Americold Realty Trust
Image URL
https://www.americold.com/wp-content/uploads/2026/01/ESG_Cover_2025-11-1024x683.jpg
Content Hash (SHA-256, erste 32 hex)
79ff056b272c65ff3a58e4fe1f65914e