Acquires global trade business from J P Morgan
CHICAGO, Illinois: Customs broker Livingston International has completed its purchase of the brokerage arm of JPMorgan Chase Bank North America.
The deal sees Livingston take over the customs and trade compliance services of J P Morgan Treasury & Security Services. This includes operations and technology originating from the Vastera business unit (which was acquired by J P Morgan in 2005), the logistics services, employees, intellectual property and technology, including Prisma, Restricted Party Screening and TradeSphere.
Livingston president and CEO Peter Luit says this deal with benefit both Livingston and J P Morgan clients.
“The expert staff and unique technology we have acquired are vital to allow clients to realize cost savings and operational efficiencies while improving compliance with government regulations. We are confident that our clients will benefit significantly from our deliberate focus on customs and trade compliance and our commitment to delivering first-class solutions.”