Trade X acquires automotive export company Techlantic
The B2B automotive trading platform adds Techlantic, an expert in trade financing and wholesale automotive trading, to its global group of companies.
Trade X Group, a global B2B cross-border automotive trading platform, has purchased Techlantic Ltd., an Ontario-based automotive trading, redistribution, and financing company, for an undisclosed amount.
In a news release, Trade X officials said the acquisition enhances its existing platform capabilities such as trade financing, logistics, and letter of credit processing, and provides additional wholesale automotive trading expertise to the Trade X platform for car dealers, importers, exporters, and fleet owners, rental companies, and mobility solution providers.
Founded in 1983, Techlantic facilitates all aspects of trade financing, including cash flow management, tax claims, shipping, letter of credit processing, and accounting to help automotive trading customers to obtain financing and other issues.
“As international automotive trade and finance specialists, we are confident that, through the acquisition of Techlantic, Trade X will significantly enhance the scope and capabilities of our operations as we continue to disrupt the global automotive trade industry via sales, supply and distribution,” said Eric van Essen, Techlantic’s managing director.
Techlantic’s management team will remain in place following the transaction, which closed on Aug. 31.
Trade X is headquartered in Ontario.