Trade X Group of Companies Inc., a global B2B cross-border automotive trading platform, has announced that it has signed a definitive agreement acquiring Techlantic Ltd., an Ontario-based automotive trading, redistribution, and financing company, for undisclosed terms.
“As international automotive trade and finance specialists, we are thrilled to join TRADE X. 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, Managing Director of Techlantic.
Ryan Davidson, Founder and CEO of TRADE X, stated, “The TRADE X team recognizes Techlantic as an established leader in helping customers overcome many of the complexities of trading pre-owned vehicles internationally. We are delighted to welcome them as we embark on an exciting period of international growth and additional strategic, accretive acquisitions.”
“TRADE X will expand Techlantic’s capital resources and global reach,” said Luciano Butera, Executive Vice President and Chief Operations Officer of TRADE X. “The resources of our combined teams are expected to position TRADE X as a world-class trade finance specialist and leader in the international automobile redistribution industry.”
TRADE X and Techlantic closed the transaction on August 31, 2021.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.