 |
The B2B automotive trading platform adds Techlantic, an expert in trade financing and wholesale automotive trading, to its global group of companies
TORONTO, Sept. 7, 2021 /PRNewswire/ -- Trade X Group of Companies Inc. (TRADE X), a global B2B cross-border automotive trading platform, today announced that it has signed a definitive agreement acquiring Techlantic Ltd. (Techlantic), an Ontario-based automotive trading, redistribution, and financing company, for undisclosed terms. The strategic acquisition enhances existing platform capabilities such as trade financing, logistics, and letter of credit processing, and provides additional wholesale automotive trading expertise to the TRADE X platform for car dealers, importers, exporters, and fleet owners, rental companies, and mobility solution providers.
Techlantic, with its strong history in international vehicle trade dating back to 1983, facilitates all aspects of trade financing, including cash flow management, tax claims, shipping, letter of credit processing, and accounting. Techlantic enables automotive trading customers to obtain financing and navigate the complexities of tax compliance and international regulation. With over 30 years of experience exporting vehicles globally, Techlantic has been consistently profitable with annual sales exceeding US$105 million in 2020, and has an extensive international client base throughout Canada, the US, Mexico, Asia, Europe, and the Middle East. Techlantic's management team will remain in place following the transaction. As part of the TRADE X group, Techlantic's network of suppliers and customers will benefit from TRADE X's efficient processes, automation tools and financing opportunities that TRADE X provides.
"As international automotive trade and finance specialists, we are thrilled to join TRADE X. We are confident that, through the acquisition of Techlantic, TRADE X will significantly enhance the scope and capabilities of our operations as we continue to disrupt the global automotive trade industry via sales, supply and distribution," said Eric van Essen, Managing Director of Techlantic.
Ryan Davidson, Founder and CEO of TRADE X, stated: "The TRADE X team recognizes Techlantic as an established leader in helping customers overcome many of the complexities of trading pre-owned vehicles internationally. We are delighted to welcome them as we embark on an exciting period of international growth and additional strategic, accretive acquisitions."
"TRADE X will expand Techlantic's capital resources and global reach," said Luciano Butera, Executive Vice President and Chief Operations Officer of TRADE X. "The resources of our combined teams are expected to position TRADE X as a world-class trade finance specialist and leader in the international automobile redistribution industry."
TRADE X and Techlantic closed the transaction on August 31, 2021.
About TRADE X
With headquarters in Ontario, Canada, TRADE X is the first global vehicle marketplace to aggregate cross-border supply and demand for car dealers, fleet owners, rental companies, mobility solution providers, importers, and exporters, opening new trading corridors to buy and sell vehicles. The TRADE X 'Brain' platform is a machine-learning, AI-driven technology that connects buyers and sellers through a transparent marketplace that aids sellers in finding the world's highest bidders and gives buyers access to the best source markets and price arbitrage opportunities. Users can quickly and seamlessly transact online in a secure environment with all the complexities of international trade – compliance, anti-money laundering regulations, vehicle inspection, currency exchange, digital trade documentation, payments, and financing – all managed by TRADE X. The company serves authorized buyers and sellers everywhere with a user-friendly app available 24/7 via mobile, tablet, or desktop. TRADE X's largest investors include Aimia Inc., a publicly-traded holding company listed on the Toronto Stock Exchange (TSX: AIM). To learn more, please visit www.tradexport.com.
About Techlantic Ltd.
Techlantic is a long-established company with a strong history in the international vehicle trade dating back to 1983. After a successful transition to the second generation, Techlantic has put a strong emphasis on automation and efficiency, allowing the relatively small team of Techlantic to push boundaries with international vehicle trade solutions.
With a mantra of "Accelerate Your International Trade", Techlantic continuously attracts new domestic and international partnerships focusing on new trade opportunities that benefit from increased financial support. With Techlantic's vast experience, high level of integrity, and strong financial ability to support their growth, these new partnerships frequently grow into long-term relationships and new consistent streams of revenue. This has allowed Techlantic to diversify and continue to grow over decades of business.
For more information about Techlantic Ltd., please visit www.techlantic.com.
TRADE X CONTACT:
Shelley Keller
Director of Brand
shelley.keller@tradexport.com
MEDIA CONTACT:
Patty Buchanan
JConnelly for TRADE X
(973) 567-9415
pbuchanan@jconnelly.com
