Press Releases
TradeBeam Acquires the Assets of Open Harbor
Leading Global Trade Management Solutions Provider Continues Strategic Expansion of Product Footprint
San Mateo, CA, December 8, 2004—TradeBeam Holdings, Inc., a leading provider of Global Trade Management (GTM) software and content solutions, announced today that has acquired the assets of Open Harbor, a leading provider of International Trade Logistics (ITL) solutions. The move continues the strategic expansion of TradeBeam’s product footprint, which covers the entire lifecycle of global trade across order, logistics and financial settlement activities. Terms of the deal were not disclosed.
Founded in 1999, Open Harbor possessed deep expertise in trade compliance, including a comprehensive centralized repository of global trade content containing millions of trade rules. The company also was considered a leading player in the landed cost management arena. Customers leveraged Open Harbor’s technology to gain crucial pricing for international orders based on an aggregate of product costs, taxes and duties charged by the exporting and importing countries.
Signaling the ongoing consolidation in the ITL sector, the purchase of Open Harbor’s assets follows two other TradeBeam strategic acquisitions in the last 18 months. In early 2004, TradeBeam acquired SupplySolution, the developer of the automotive industry’s leading vendor managed inventory application iSupply, and in mid 2003, acquired the assets of Qiva, another ITL specialist with a focus on retail and high-tech industries. TradeBeam is executing on its strategy to be the only provider of an integrated suite of solutions capable of streamlining the entire global trade process—from compliance to inventory management to supply chain event management to financial settlement.
“Expanding our compliance capability to include trade content for more than 60 countries and adding a landed cost management solution to our product portfolio were two key objectives for TradeBeam, and we are pleased to have found an opportunity to address both areas through the acquisition of Open Harbor’s assets,” said Graham R. F. Napier, President and CEO of TradeBeam. “Open Harbor brings strong technology and a solid customer base. We look forward to commencing new relationships with Open Harbor customers and extending their services beyond trade compliance automation to gain additional value from their GTM investments.”
Given the highly complementary nature of the two companies’ products, Napier foresees a very smooth process integrating Open Harbor’s assets into its organization. With the experience of the SupplySolution and Qiva acquisitions amongst others, TradeBeam has enjoyed rapid time to value. Drawing upon the new resources gained through its recent round of funding, TradeBeam intends to continue to pursue opportunities to expand its reach and breadth of capabilities for the benefit of its customers.
About TradeBeam
TradeBeam is a Global Trade Management software and services company providing solutions that streamline global trading processes for enterprises and their partners. TradeBeam’s integrated solutions provide import and export compliance, inventory management, shipment tracking, supply chain event management and global trade finance solutions such as open account and letter of credit management. TradeBeam has over 3,000 customers with users in over 100 countries worldwide.