US: TradeCard and GT Nexus to merge global networks
TradeCard is to merge with logistics and transportation specialist GT Nexus in a deal set to create the world's biggest cloud-based business network for global trade and supply chain management.
The two firms provide - and operate - business collaboration networks that help companies better manage physical and financial supply chain processes on a global scale with thousands of trading partners.
Between them, they will have a global network of over 20,000 businesses and manage more than $100bn in direct supply chain trade, it was claimed today (7 January).
"Both companies share a common technology vision that networked platforms, delivered in the cloud, is the path forward for companies that source and sell goods globally," said Sean Feeney, CEO of TradeCard.
"The strengths of each company are highly complementary and will offer customers a complete solution, covering the entire supply chain execution lifecycle, from sourcing of goods to final delivery and payment."
Aaron Sasson, CEO of GT Nexus, added: "It's a true merger of equals. Together, we offer a single cloud network for enabling business processes across global trade networks - an enormous and still un-tapped opportunity for the vast majority of companies who have been struggling to take their businesses to the next level with complicated ERP systems."
The company, to be headquartered in Oakland, California, will have a global presence with a network of regional offices around the world.
TradeCard CEO Sean Feeney will be CEO of the merged company, GT Nexus CEO Aaron Sasson will be chairman of the board, and TradeCard founder Kurt Cavano will be vice chairman.
The transaction is expected to close in early 2013.
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