JPMorgan to acquire Vastera
Financial services giant JPMorgan Chase said it has agreed to acquire Vastera, a Dulles, Va.-based provider of automated trade management and customs tools, and trade management consulting, for about $129 million.
Vastera will become part of JPMorgan’s Trade Services business that provides information management and financial services for international traders.
The deal creates a one-stop shop for complete integrated cash, trade and logistics solutions, JPMorgan said in a statement. JPMorgan previously marketed Vastera to its clients under a partnership agreement, but now will be able to combine services in-house.
The merger helps privately held Vastera, which had lost automotive supplier Visteon Corp. and some other big accounts in the past year. It also continues the consolidation trend in the managed trade services field. Last year TradeBeam acquired Open Harbor.
The merger is subject to customary shareholder and regulatory approvals.