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
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