Aligned with financial and supply chain document technology company essDOCS’s deal for eCertify earlier in 2017, the acquisition positions the paperless trade tech firm as one of the biggest eCertificate of Origin (eCO) providers globally.
The financial and supply chain document technology company essDOCS has acquired Galway, Ireland-based TradeCert Ltd., a provider of electronic Certificates of Origin (eCOs).
The acquisition builds essDOCS’ scale in eCOs, with more than 28,000 exporters and freight forwarders applying for certificates of origin from more than 200 chambers of commerce in 10 countries. The company plans to offer eCOs in 14 to 15 export countries by the end of 2017 through organic growth and partnerships with other eCO software providers.
essDOCS eCOs are used for imports into 169 countries globally, the company said. As part of the acquisition, essDOCS has created a new certification arm, essDOCS Certification, combining essDOCS’ two existing solutions, eCertify (which essDOCS acquired earlier in 2017) and TradeCert. The company said it plans to invest heavily in new technologies to enable mobile and distributed ledger – also known as blockchain – options to customers.
Certificates of origin detail where a product is manufactured, produced, processed or grown, and play a major role in international trade, impacting the duties applicable to a given product. Global trade management (GTM) software is often used to help companies manage certificates of origin by linking them with global product master lists and applicable free trade agreements.
essDOCS focuses on developing paperless trade solutions in areas like trade finance, bill of lading generation and import and export documentation.
The acquisition was completed through essDOCS Ventures, the company’s investment and partnership arm, and is the eighth acquisition the firm has made since its founding in 2005. Financial terms of the deal were not disclosed.
essDOCS acquires eCertificate of Origin provider
