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.