We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2022
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2022
    • Upload Your Video
Home » GT Nexus, TradeCard to merge
newsworthy

GT Nexus, TradeCard to merge

January 7, 2013
DC Velocity Staff
No Comments

Logistics information services provider GT Nexus and financial services company TradeCard said today they have merged their operations to provide global businesses with a single-sourced package for logistics visibility and access to capital.

The transaction was billed as a merger of equals, with no clear determination of which firm was being acquired. The private equity unit of Warburg Pincus and another private equity firm, Primerica, were instrumental in bringing together the two companies, according to Bryan Nella, TradeCard's director of marketing communications. Financial terms were not disclosed. The deal is expected to close in early 2013.

The company will be headquartered in Oakland, Calif., where GT Nexus is based. TradeCard CEO Sean Feeney will be chief executive officer of the merged company, GT Nexus CEO Aaron Sasson will be chairman of the board, and TradeCard Founder Kurt Cavano will be vice chairman.

Specifics about the company name and leadership structure will be announced when the deal is done, the companies said.

Oakland-based GT Nexus is a leader in "cloud-based" technology that connects the physical order, shipping, and distribution functions of multiple global partners across a web-based platform. New York-based TradeCard has access to billions of dollars in capital through its relationships with lenders of various stripes.

The two companies are complementary as TradeCard essentially uses the Web to simplify the letters of credit that facilitate the payment terms between Western importers and Asian producers and most of GTNexus' technology helps with trade compliance.

Prior to the merger announcement, each company had begun to encroach on the other's specialty. GT Nexus began offering financial services to augment its physical distribution capabilities, while TradeCard had begun making inroads in the logistics arena.

According to Nella, a transaction involving the merged entity would work something like this: An overseas supplier receives a purchase order across the GTNexus system from a major U.S. retailer to produce 100,000 pairs of shoes. The supplier, needing fast access to capital to ramp up production, can click a website link and activate TradeCard's services. After addressing the legal framework and assuring the buyer's ability to pay, TradeCard provides funds to the supplier within a few days, Nella said.

As production proceeds, the retailer and lender can leverage GTNexus' visibility strengths to manage the process in real-time, Nella said. The retailer knows his order is on track to be completed, and the lender knows it is one or two steps closer to being repaid, according to Nella.

The companies boast that together they will become the world's biggest cloud information utility with a global network of over 20,000 businesses spanning virtually all of the major industry groups. The companies said they will manage more than $100 billion in direct supply chain trade.

"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," said Feeney.

Transportation Technology Export-Import Management/GTM
KEYWORDS GT Nexus Tradecard
  • Related Articles

    Infor to buy GT Nexus for $675 million; move extends cloud's role in global trade

    Former head of SAP joins GT Nexus board

    Infor rebrands GT Nexus digital network as Infor Nexus

Recent Articles by DC Velocity Staff

The Rainmakers

BrightDrop delivers 150 electric parcel vans to FedEx network

Logility acquires supply chain modeling firm Starboard Solutions Corp.

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Private equity firm acquires packaging provider Coregistics in e-commerce bet

  • Packaging industry reprioritizes amid inflation, supply chain disruption

  • Warehousing's perfect storm

  • Raymond Corp. marks 100th anniversary

  • Investors see big value in basic wooden pallets

Now Playing on DCV-TV

E3f9e6d5 8bd4 40ca 8c7f 43aa63ea3fc9

Lessons from CSCMP’s Annual Report Card for Shippers and Carriers

DCV-TV 4: Viewer Contributed
Recently, the Council of Supply Chain Management Professionals (CSCMP) released their 33rd Annual State of Logistics Report which is created by AT Kearny. I've viewed this as basically a "Report Card" for shippers and carriers since it offers a comprehensive view of what they both have dealt with in the past year,...

FEATURED WHITE PAPERS

  • Breaking Bad: Conducting Full Truckload RFPs in the Age of Digital Freight Procurement

  • Fueling Sustainability for Manufacturers: Strategies to Increase Fuel Efficiency and Reduce Your Carbon Footprint

  • Guide to Proven Warehouse Solutions

  • Five common misconceptions about running a private fleet

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2022. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing