Banking giant buys software supplier


Banking giant buys software supplier

Antony Savvas

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

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