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Triterras (Nasdaq: TRIT, TRITW) has entered a strategic partnership with ECAPS, a Singapore-based open banking platform in India, to invest $4 million for a minority stake. This collaboration aims to establish Triterras' presence in the Indian Micro, Small and Medium Enterprise (MSME) sector, focusing on financial inclusion. ECAPS serves a vast distribution network of 80,000 MSME retailers, and Triterras plans to leverage this for its Supply Chain Finance offerings. The transaction is expected to close by June 2021, subject to due diligence.
Triterras (Nasdaq: TRIT, TRITW) announced the acquisition of Invoice Bazaar, a provider of supply chain finance in the Gulf Cooperation Council. The deal could reach up to $8 million over two years based on revenue milestones. Triterras aims for the acquisition to be accretive to earnings within a year. The addition of Invoice Bazaar’s leadership enhances Triterras' presence in the Middle East and aligns with its Kratos platform for e-commerce financing. This strategic move is expected to capitalize on growth opportunities in the region.
Triterras (Nasdaq: TRIT, TRITW) has appointed Sri Vasireddy as its new Chief Technology Officer, effective immediately. Vasireddy, previously Chief Technical Advisor, brings over 20 years of IT experience, including leadership roles at Hitachi Vantara and Amazon Web Services. His appointment aligns with Triterras' strategy to digitize the trade finance industry. Vasireddy aims to scale the tech team and enhance local operations while enhancing the security infrastructure of the Kratos platform. He succeeds Ashish Srivastava, who has transitioned to Chief Commercial Officer.
Triterras Inc. (Nasdaq: TRIT, TRITW), a fintech leader in trade finance, has announced the appointment of three new independent directors: Yong-Moon Kim, Jayapal Ramasamy, and Lilian Koh, effective immediately. This decision follows the resignations of Matthew Richards and Vanessa Slowey, expanding the board to eight members, with five being independent. The new appointments bring extensive experience in finance, investment, and technology, which are expected to support Triterras' growth strategy. The company operates the Kratos™ platform for commodity trading.
Triterras Inc. (Nasdaq: TRIT, TRITW) announced on March 30, 2021, the appointment of three senior professionals to enhance its team in fund origination, business development, and credit insurance.
New hires include Mounia-Mia Bouriss as European Head of Funds Origination, Peter Karos for North American Business Development, and Raffy Rios as an Insurance Expert. These additions aim to accelerate company growth and expand Triterras' global presence across Asia, Australia, Europe, and North America.
Triterras Inc. (Nasdaq: TRIT, TRITW) has announced a letter of intent to acquire Invoice Bazaar, a leading supply chain finance provider in the Middle East. This transaction, expected to close by April 30, 2021, aims to enhance Triterras' supply chain capabilities on its Kratos platform. Invoice Bazaar's established network with local banks and enterprise clients will facilitate the integration of its services, allowing Triterras to expand its market presence significantly in the region. The acquisition aligns with Triterras' strategic growth goals in the fintech sector.
Triterras (Nasdaq: TRIT, TRITW) has announced a partnership with Western Union Business Solutions to enhance cross-border payment services on its Kratos platform. This collaboration aims to streamline the transaction cycle, reducing borrowing costs for traders. The partnership allows Kratos users access to Western Union's robust global payment technology and expertise in currency risk management. Triterras continues to focus on improving the value of its digital marketplace for trade and trade finance, offering transformative benefits to both traders and lenders.
Triterras Inc. (Nasdaq: TRIT, TRITW) has appointed Adrian Kow Tuck Hoong to its board of directors effective January 29, 2021, following the passing of board member Martin Jaskel. Kow will also serve as Chair of the Audit Committee. With over 30 years of experience in financial planning and risk management, Kow's background includes leadership roles at Boardroom Limited and other global companies. The Triterras Board now consists of seven members, with four being independent, ensuring strong governance for the fintech firm operating the Kratos™ platform.
Triterras Inc. (Nasdaq: TRIT, TRITW) announces two significant developments on January 25, 2021. The Audit Committee has initiated an independent investigation into allegations raised by a recent short report affecting the company's stock volatility. This investigation will be overseen by the Board and aims to clarify issues related to blockchain and related party transactions. Additionally, Triterras has replaced KPMG LLP as its independent accountants as of January 20, 2021, to enhance separation from related entities. The company remains optimistic about future growth initiatives.
Triterras Inc. (Nasdaq: TRIT, TRITW) has announced a share repurchase program of up to $50 million, aimed at buying back its common stock due to recent price attractiveness. The Board of Directors has approved this initiative, which may involve open market transactions or 10b5-1 plans. Additionally, Chairman and CEO Srinivas Koneru has already purchased 169,652 shares. The company addressed concerns regarding a recent short report, claiming it contained inaccuracies and was part of a market manipulation attempt.
