Nui Markets Acquires PrimeXConnect - Expanding Into Meat Sector And Extending Dairy Supply Chain Reach & Trading Options
New Zealand-owned and operated global digital trading platform for agricultural products, Nui Markets is pleased to announce the successful acquisition of PrimeXConnect, an Australian sales and order management software company currently operating in the red meat industry.
Nui Markets has been revolutionising how the world trades agricultural products since 2016, operating digital platforms in New Zealand, Europe, North America and Brazil, delivering buyers, sellers, and traders visibility of real-time data for up-to-the-minute price discovery in specific market categories. To date, over $NZD 1.4 billion of products has been traded on a Nui platform across 75 countries.
Nui Markets Co-Founder and CEO Kevin O’Sullivan says the acquisition of PrimeXConnect, activated by a recent capital raise, is an integral part of the company’s growth strategy. By combining Nui’s strong roots in dairy with the PrimeXConnect product, they aim to create a stronger and more comprehensive offering to the agricultural sector.
“Nui has the ability to bring many buyers and sellers together in one place, either one-to-many across our private Enterprise platforms or many-to-many on our open Marketplaces. Now, with the purchase of PrimeXConnect, we have the capability in direct one-to-one sales and logistics, enabling us to reach further down the supply chain for new and existing customers in retail and food service.”
PrimeXConnect Co-Founder Michael Chandler says the integration with Nui is logical, with both companies seeking to offer innovative trading strategies with increased efficiencies and price transparency across market-specific categories in the agricultural sector.
“I am proud of how we have grown PrimeXConnect over the past five years, and I am excited for our company to join Nui and bring our innovative tech to a much broader trading environment. Our work so far complements Nui’s strategic partnership approach with the companies it works with and will be a valuable addition to the digital platform’s product suite.”
On completion of the acquisition, Nui Markets will transition all PrimeXConnect business operations and employees into its company structure. The two company founders, Michael Chandler and Jean-Claude Abouchar, will report to the Nui senior management team. PrimeXConnect is headquartered in Sydney, Australia, and employees will remain there. A new sales role based in the U.S. has also been established to introduce the product.
Existing PrimeXConnect customer ANZCO will continue to use the sales and order management software as usual in the immediate term. Moving forward, Nui Markets plans to integrate and further develop the offering under its umbrella of products and services.