Sweetbridge says the acquisition has moved it a step closer to creating more liquid and sustainable global supply chains.
The Aperio brand is being fully absorbed by Sweetbridge in the acquisition, but Aperio’s offices, located in Scottsdale, Arizona, are expected to remain open and be managed by former Aperio employees, who, effective immediately, are now employees of Sweetbridge.
Sweetbridge said that the addition of Aperio’s technology is expected to allow it to accelerate multiple product and supplier workflows through smart contracts that automate the process flow of supply chains.
“Sweetbridge and Aperio share the vision of tapping into blockchain to address some of the key inefficiencies of supply chain to achieve better utilization and outcomes,” Sweetbridge CEO and Chairman Scott Nelson said.
Aperio’s blockchain-based core sourcing platform, Sweetbridge said, provides a medium to virtually represent and identify products as they are sourced, built and passed through supply chain networks. The virtualized assets contain the product specifications, customer information, bill of materials, and all other necessary data needed for players to create a product and send it to the end user.
The platform leverages blockchain to eliminate the need to manage multiple catalogues for customers or marketplaces. As a shared, distributed ledger of assets within the supply chain, it also increases visibility and trust among trading partners.
In combination with the enhanced transparency and visibility that the platform provides to suppliers, Aperio is expected to play a role in increasing participation incentives for those who typically take out loans or tie up valuable working capital to finance their operations, Sweetbridge explained in a statement.
“The combination of Aperio’s stellar product data management capacity with the liquidity and trade currency capabilities offered by the Sweetbridge platform will allow us to take a critical leap forward toward global supply chains using blockchain for shared success,” Nelson said. “We are extremely excited by the common mission we share of using blockchain to find a better way forward for global commerce.”
Nelson also said that through this acquisition, Sweetbridge has moved a step closer to achieving its mission of creating more liquid and sustainable global supply chains.
Aperio CEO and Co-Founder Todd Taylor said that the new relationship would enable business networks to connect, collaborate, and automate in unprecedented ways.
“The cooperation between our organizations will facilitate the creation of dramatically simplified supply chain networks with enhanced liquidity, rapid settlement, effortless member onboarding, and a frictionless flow of information, material and capital,” Taylor said.
The transaction is expected to formally close this month.