Nui Markets Acquires PrimeXConnect
Auckland, 14 December 2023
Expanding into the Meat Sector and Extending Dairy Supply Chain Reach and 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 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.
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.
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.
About Nui
Nui Markets is revolutionising how the world trades agricultural products by combining the speed and convenience of a B2B digital trading platform with the expertise of a category-specific marketplace. More than a digital enabler, our intuitive platforms offer real-time data and market knowledge, empowering buyers and sellers to trade with improved price transparency and market efficiency - a must in an increasingly volatile industry with ever-changing global supply chain needs.
Nui Markets offers products via a Platform-as-a-Service (“PaaS”) to streamline complex buyer/seller/trader workflows, reduce trading partner discovery costs, remove administrative inefficiencies, relieve pressured margins, limit counterparty risk, and eliminate poor price discovery. For more information, visit: www.nuimarkets.com
About PrimeXConnect
Luanched in 2019, PrimeXConnect is a sales and order management software designed for the red meat industry. Inventory, shipping, sales, and management. PrimeXConnect gives you a secure and private online space to talk with existing customers, manage inventory, negotiate pricing, and order in real-time, all in one place. For more information, visit: www.primexconnect.com
Ends
Media contact:
Kathryn Swallow
Communications Manager
Nui Markets
+64 21 271 2242
kathryn@nuimarkets.com