JPMorgan Chase Bank has acquired Vastera, a provider of
global trade management solutions.
The £75m acquisition will see the Vastera business combined with
the logistics and trade services businesses of JPMorgan Chase's
Treasury Services unit.
Vastera's solutions automate the required trade management
processes associated with the physical movement of goods
internationally. JPMorgan said the acquisition will enhance its
one-stop shop for moving goods across international borders.
"Through this combination, JPMorgan Chase will offer a complete
integrated cash, trade and logistics solution across the physical
and financial supply chains in a way that maximises benefits to our
clients," said Paul Simpson, JPMorgan Chase emerging payments and
global trade services business executive for treasury services.
Tim Davenport, Vastera chief executive, said, "We already had an
extensive working relationship with JPMorgan Chase providing global
trade management solutions, and now we are able to build on that
relationship as a part of the same firm. Joining an organisation
that has a broad global trade management infrastructure will bring
tangible benefits to our clients."
Vastera’s clients include Ford, IBM, Dell and General
Electric