GT Nexus and TradeCard agree merger
07 January 2013 | 3759 views | 0
GT Nexus and TradeCard have agreed a merger deal, creating the world's biggest cloud-based business network for trade and supply chain management. Financial terms were not disclosed.
The merger brings together GT Nexus's cloud-based logistics and global transportation control offering with TradeCard's financial supply chain and production visibility expertise.
The combined entity will cover a global network of over 20,000 businesses spanning every major industry, from retail to high-tech, commodities, finance and logistics, and manage over $100 billion in direct supply chain trade.
Sean Feeney, CEO, TradeCard, says: "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."
Feeney will be CEO of the new Oakland, California-headquartered firm, with GT Nexus chief executive Aaron Sasson as chairman and TradeCard founder Kurt Cavano as vice chairman.
The deal is slated to close early this year, subject to customary closing conditions and clearance from antitrust regulatory authorities.