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Amazon Buys Tech Firm INLT To Help Online Merchants With Cross-Border Trade

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Amazon Buys Tech Firm INLT To Help Online Merchants With Cross-Border Trade

Amazon.com, Inc. (NASDAQ: AMZN) recently acquired cloud-based startup INLT, a move designed to simplify importing goods into the United States for Amazon's online merchants, according to Reuters.

INLT, which the company said stands for IN:LET, makes software for merchants to manage the costs of customs clearance on cross-border shipments. Terms of the acquisition, which was announced Sept. 24, were not disclosed.

"INLT is a smart, nimble team that is helping companies simplify and lower the cost of importing goods into the U.S.," an Amazon spokeswoman told Reuters. "We're excited to work with them to develop the next generation of solutions for their customers and Amazon selling partners."

With the recent acquisition Amazon aims has capabilities for sellers that include warehousing, delivery and now cross-border customs clearance.

"Amazon is getting serious about cross-border – acquires startup, INLT, which offers a platform for merchants to manage costs and customs clearance associated with importing goods into the U.S." tweeted Cathy Roberson, founder of Logistics Trends & Insights.

INLT, which was founded in 2017 in Los Angeles, announced on its website that Seattle-based Amazon had acquired the company. 

"We have been acquired by Amazon and look forward to working with them to develop the next generation of solutions for our current customers and Amazon Selling Partners," according to a message on INLT's website.

In April, INLT became one of the first automated broker interface applications that was approved by the U.S. Department of Homeland Security as well as Customs and Border Protection. INLT is also Customs-Trade Partnership Against Terrorism (C-TPAT) certified.

 The company raised $1 million from investors in 2017 to fund the expansion of its engineering and trade compliance teams. 

"We watched as the market began to change while U.S. Customs and trade compliance was ignored," said Chris Reynolds, INLT co-founder and chief executive according to Promo Marketing Magazine. "Our role is to be the glue in the supply chain, from a communication and technology perspective, as well as a compliance one. If you import, we will save you money and make you more compliant.

Image Sourced from Pixabay

Posted-In: acquisition AmazonM&A News Global Markets Tech General

 

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