- THE MAGAZINE
GT Nexus and TradeCard announced the companies have entered into a definitive merger agreement. Both companies provide and operate advanced cloud-based business collaboration networks that help companies 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, said GTNexus. The combination of GTNexus and TradeCard instantly becomes the world’s biggest cloud information utility, with a global network of over 20,000 businesses spanning every major industry, the companies said.
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.
“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.