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GT Nexus to merge with Cloud computing firm
[ January 8, 2013 // Chris ]Shipping, logistics and transport portal GT Nexus is to merge with TradeCard, which provides Cloud-based financial supply chain and production visibility solutions for retailers and consumers.
The two partners say that they will create a global network of over 20,000 businesses in every major industry and will manage over $100 billion-worth of trade – the world’s biggest cloud information utility.
Both firms aim to help companies better manage physical and financial supply chain processes on a global scale involving thousands of trading partners. TradeCard CEO, Sean Feeney, said: “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, from sourcing of goods to final delivery and payment.”
Aaron Sasson, CEO of GT Nexus described the move as “a true merger of equals. Together, we offer a single cloud network for enabling business processes across global trade networks—an enormous and still untapped 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 will be headquartered in Oakland, California 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, with TradeCard founder Kurt Cavano as vice chairman. Specifics about the company name and leadership structure will be announced when the transaction is finalized.
The merger is subject to customary antitrust clearance and is expected to be completed in early 2013.