Surecomp has acquired digital trade finance provider Elcy Ltd, marking the consolidation of two longstanding operators in the sector.

Elcy’s flagship elcyMBP product, used by corporates to manage trade finance transactions, will be rolled into Surecomp’s existing Rivo platform, the company says.

UK-headquartered Elcy specialises in digital trade finance solutions with a focus on the commodities and energy sectors, according to its LinkedIn page.

The company was founded in 2001 by Julian and Robin Cohen, who will both take up roles at Toronto-headquartered Surecomp, a major provider of trade finance software established in 1987.

“We are thrilled to add Elcy to our solution suite,” says Guy Perry, Surecomp’s president and chief executive. “With Elcy’s proven technology and talented team, we can further enhance our offering and continue to expertly meet the integrated end-to-end processing needs of customers across multiple industries.”

Surecomp says the firms are “closely aligned… in heritage, vision, expertise and technical infrastructure”.

It says it will gain around 40 customers from the acquisition, including some overlapping bank customers.

Perry says there will be “no immediate changes” to either company’s products or services.

He declined to disclose the terms of the deal, citing confidentiality.

Asked if Elcy’s staff would move over to Surecomp, Perry says: “The acquisition will leverage the strengths of both teams and employees from both companies are critical to the combined success and future growth of digital global trade.”

“This is a very exciting time for the digital trade finance landscape,” says Elcy co-founder and chief executive Robin Cohen. “Joining forces with Surecomp, being able to leverage its expertise, global reach and integrated back-office solution provides us with a platform to deliver even greater value to our clients. Together, we are extremely well-positioned to shape the future of digital trade.”

Elcy’s abridged accounts for the year ending March 31, 2024 show the company had net liabilities of £208,757, compared to net assets of £255,249 a year earlier.