Supply Chain: GT Nexus and TradeCard to Merge, Creating World's Biggest Cloud-Based Business Network for Global Trade and Supply Chain Management
Supply Chain, Global Trade
GT Nexus and TradeCard today announced that the companies have entered into a definitive merger agreement. The companies are leaders and pioneers in cloud-based technology platforms that link companies together in commerce networks. Both provide -- and operate -- advanced business collaboration networks that the world's leading companies rely on to better manage physical and financial supply chain processes on a global scale with thousands of trading partners.
As cloud technology rapidly replaces licensed and installed traditional software in the corporate enterprise, global supply chain management has emerged as the next big opportunity for driving business agility and operational excellence. Merged, the combined entity instantly becomes the world's biggest cloud information utility, with a global network of over 20,000 businesses spanning every major industry -- from retail and apparel to high tech, automotive, heavy industry, consumer products, pharmaceutical, chemicals, commodities, finance and logistics. Together, the companies will manage over $100 billion in direct supply chain trade.
"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."
The merger brings together GT Nexus, the established leader in cloud-based logistics and global transportation control solutions for manufacturers, retailers and logistics service providers, with TradeCard, the undisputed leader in cloud-based financial supply chain and production visibility solutions for retail and consumer soft goods.
"Our customers are the biggest winners in this merger," noted Aaron Sasson, CEO of GT Nexus. "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 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, to be headquartered in Oakland, CA, will have 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. Specifics about the company name and leadership structure will be announced when the transaction is finalized.
The merger is subject to customary closing conditions and clearance from antitrust regulatory authorities. The transaction is expected to close in early 2013.