Trade X Group of Companies Inc., a global B2B cross-border automotive trading company announced that, it has now signed a definitive agreement for the purpose of acquiring Techlantic Ltd., an automotive trading, financing, and redistribution company based in Ontario for the not disclosed terms.
This strategic acquisition is going to enhance the existing capabilities of the platform like trade financing, letter of credit processing and logistics and it is also providing the additional wholesale automotive expertise of trading to the company Trade X for the dealers of the cars, along with the importers, fleet owners, rental companies, exporters, along with the providers of mobility solutions.
The company, Techlantic, along with the company’s strong history in the international vehicle trade dating back to the levels of 1983, along with facilitating all the aspects of the trade financing, that also includes the cash flow management, shipping, tax claims, accounting, and letter of credit processing.
The company Techlantic has been responsible in enabling the automotive trading customers for the purpose of obtaining the finance and navigating the complexities of the tax compliance and the international regulation, along with more than 30 years of the experience in exporting the vehicles across the globe.
Techlantic has now been profitable consistently with the annual sales, that is exceedingly over 105 million dollars in 2020, and it is also having an extensive international client base throughout the regions of the United States, Asia, Canada, the Middle East and the continent of Europe.