Acquisition Broadens Base of International Trade Document Leader
AUSTIN, TEXAS, USA, December 16, 2020 - Trade Technologies today announced the completion of its acquisition of LOC Trade Solutions, LLC. (“LOCTS”). LOCTS is an international trade documentation services firm based in Northern California with customers in the US and Asia. Trade Technologies is the global leader for trade document solutions and services with offices in North America, Asia, India, and Europe. The LOCTS Trade Solutions team have joined the Trade Technologies San Francisco office.
LOCTS was founded and operated by Art Hayes. Art Hayes was a trade document pioneer who participated in several leading trade document companies before founding LOCTS in 2010. Mr. Hayes passed-away earlier this year.
"Art was a competitor, a friend and one of a kind – a true maverick. His vision for outsourced management of trade transactions set much of our current industry in motion. He will be missed,” said Trade Technologies' CEO Kirk Lundburg. "We are honored to be able to provide letter of credit and trade document services to his long-time customers."
This acquisition brings Trade Technologies’ industry leading TradeSharp Platform to LOCTS customers. TradeSharp automates the creation of complex trade documents and digitizes the delivery of such documents to global trade banks and buyers. TradeSharp also provides exporters with visibility and control of export transactions reducing risk and accelerating payment. LOCTS customers will also have access to local trade finance professionals in Trade Technologies global offices.
About Trade Technologies
Founded in 1999, Trade Technologies (www.tradetechnologies.com) is the largest global provider of trade document services and software. From its offices in Asia, Europe, and North America, Trade Technologies provides leading exporters, freight forwarders, and international trade banks with trade document solutions, training, and consulting.
The Company’s web-based TradeSharp platform and outsourced services enable customers to streamline their operations, save money, accelerate payments, and eliminate discrepancies traditionally involved in international letter of credit, documentary collections and open account transactions. More than 1,500 exporters, global trade banks, and freight forwarders depend on Trade Technologies’ services to process almost $10 billion in international trade transactions each year. Globally, Trade Technologies is presenting original letter of credit and other trade documents online to 66 examination offices of 24 banks in 13 countries.
Trade Technologies was named by Silicon Review as one of the “50 Smartest Companies of the Year 2016.” In 2015, Trade Technologies was awarded the Presidential “E” Star Award for Export Services by the U.S. Department of Commerce and was selected by CIO Review Magazine for its annual list of the 20 Most Promising Banking Technology Solution Providers. Trade Technologies was voted the “Best Trade Tech Solutions Company” in 2012 by readers of Trade Finance Magazine. In 2011, Trade Technologies won the Presidential “E” Award for Exports through the U.S. Department of Commerce, the highest recognition any U.S. entity may receive for supporting export growth. In 2010, the Company was awarded a patent on the TradeSharp software platform and process.
Trade Technologies Inc.