LONDON, June 1, 2020 /PRNewswire/ -- More than 100 professionals from global trade management software company GTKonnect joined EY member firms in the United States and India, EY announced today. The transaction is part of EY global trade management services expansion.
Organizations' supply chains are operating in a disruptive global trade environment characterized by unprecedented legislative and regulatory changes, increasing talent and cost pressures, and, more recently, the impact of the COVID-19 crisis. This transaction will enhance the ability of EY teams to continue to help provide operational efficiencies to importers and exporters through automation, integration and collaboration services that facilitate the seamless sharing of information.
EY teams will utilize GTKonnect's software suite covering many areas, including import/export compliance, master data management, country of origin, free trade agreements, foreign trade zones, tariff classification and reconciliation, to provide broad global trade services to EY clients. GTKonnect enables access to global trade content for 180 countries, offers global trade project management capabilities and helps facilitate collaboration and access to industry expertise.
Kate Barton, EY Global Vice Chair - Tax, says:
"Global trade is undergoing a seismic change as tariff wars, protectionism, regulatory uncertainty and now a pandemic, disrupt established business models and trade relationships. Organizations are struggling to respond and find it increasingly difficult to address their supply chain ecosystems, focus on operational costs and, ultimately, define their medium-to-long-term strategies. We are excited to further expand EY global trade managed service offerings through this strategic transaction."
Shankar Ram, founder and Chairman, GTKonnect, says:
"When I founded GTKonnect 12 years ago, my objective was to build a firm from the ground up focusing on specific client needs in global trade. Our goal has been to deliver continuous improvement to increase efficiencies and provide a nimble client-focused approach to doing business. I am proud of the organization we built with dedicated employees and leading-edge technology. Combining our team and technology with the deep technical knowledge and global trade experience in the EY organization is truly a game-changer for clients."
Anand Raghavendran, President and CEO, GTKonnect, says:
"A big shout out and heartfelt thanks to every member of the GTKonnect family for their contribution in building this tremendous organization. We are incredibly pleased and excited to be joining EY and we are confident it is a great fit. Our web-based applications, power trade compliance management and tracking provide access to global trade content as well as the ability for collaboration and communication. Our strong team and our leading technology are a great addition to the robust EY global trade services. We look forward to having a broad suite of global trade resources to meet the needs of clients."
Notes to Editors
About EY
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This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Alan Duerden
EY Global Media Relations
+44 (0) 207 951 8993
Aduerden1@uk.ey.com
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