• ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
  • ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
American ShipperBusinessNewsTrade and Compliance

TRADE X acquires automotive export specialist Techlantic

Deal will help position firm as ‘leader in the international automobile redistribution industry’

Automotive trade platform TRADE X has acquired Techlantic, a Canadian company specializing in vehicle exports.

Ontario-based TRADE X announced the acquisition on Tuesday. The company did not disclose the price. 

The deal will enhance and grow TRADE X’s existing capabilities, including logistics and financing. Techlantic did $105 million in sales in 2020 and has been consistently profitable, according to Trade X.

“TRADE X will expand Techlantic’s capital resources and global reach,” said Luciano Butera, executive vice president and chief operating officer of TRADE X, in a statement. “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.”

Backed by Montreal-based holding company Aimia (TSX:AIM), TRADE X offers a digital business-to-business platform for international automotive trading. 

The company has raised $45 million. It includes $35 million from lead investor Aimia, announced in July, and $10 million, announced in August, from a group of investors including EchoVC, Frontier Ventures and Ugrowth.

TRADE X was valued at $285 million as of late July, according to Pitchbook.

Click for more articles by Nate Tabak

Nate Tabak, Border and North America Correspondent

Nate Tabak is a Toronto-based journalist and producer who covers cybersecurity and cross-border trucking and logistics for FreightWaves. He spent seven years reporting stories in the Balkans and Eastern Europe as a reporter, producer and editor based in Kosovo. He previously worked at newspapers in the San Francisco Bay Area, including the San Jose Mercury News. He graduated from UC Berkeley, where he studied the history of American policing. Contact Nate at ntabak@freightwaves.com.

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