Caspian, a San Francisco-based AI trade compliance platform, has announced its acquisition of the trade advisory firm Trade-IQ. This strategic move expands Caspian's capabilities from duty recovery to comprehensive import duty management. As part of the deal, Trade-IQ founder and customs veteran Shannon Bryant will join Caspian as Vice President of Trade Advisory.
A Strategic Expansion in Trade Compliance
The acquisition signals a significant evolution for Caspian, which initially focused on automating duty drawback for importers. The company has successfully filed over $40 million in duty refunds in its first 15 months, highlighting a major market need. This expansion addresses the broader challenge importers face in managing complex and shifting tariff regulations.
Caspian was founded to help businesses reclaim billions in duty refunds that often go unclaimed due to complex processes. Historically, only large enterprises with significant resources could navigate the intricate system of duty drawback. The company's success with over 200 merchants demonstrates its technology's power in democratizing access to these refunds.
Introducing Advanced AI-Powered Tools
Alongside the acquisition, Caspian has launched two new products, Trade Audit and Tariff Calculator, to enhance its platform. These tools are designed to provide importers with proactive and continuous oversight of their customs activities. The goal is to prevent duty overpayments and identify recovery opportunities more efficiently.
The Tariff Calculator offers users a complete duty determination in seconds, based on HTS classification, origin, and other data. It provides a fully auditable calculation by tracing each line to its governing authority, ensuring accuracy. This tool is invaluable for modeling landed costs and preparing precise customs entries.
Trade Audit connects to a company's customs data to review historical entries and screen incoming shipments for errors. It flags issues like misclassification and unclaimed trade preferences for review by licensed customs brokers. This system provides a continuous view of duty exposure, shifting compliance to an ongoing strategy.
New Leadership and a Unified Vision
The integration of Trade-IQ brings deep advisory expertise to Caspian’s technology-driven platform. Shannon Bryant, with over 15 years of experience including roles at Harley-Davidson, founded Trade-IQ to serve mid-market importers. Her leadership will be crucial in developing Caspian's strategic advisory services for this segment.
Justin Sherlock, Caspian's CEO, stated that duty recovery was the entry point to solving a larger problem for importers. He emphasized that acquiring Trade-IQ and welcoming Shannon Bryant closes a critical gap in their service offerings. This combination creates a full-service partnership pairing advanced technology with seasoned professional expertise.
Shannon Bryant expressed her excitement about joining Caspian, noting the company built the technology she always wished she had. She explained that the platform can audit entries and quantify exposure at a scale no manual team could match. Her goal is to bring this powerful combination to all importers, not just the largest corporations.
Caspian's acquisition of Trade-IQ and the launch of its new products mark a pivotal moment for the trade compliance industry. By integrating AI-powered auditing tools with expert human oversight, the company is creating a comprehensive system for duty management. This move positions Caspian to empower importers, helping them navigate tariff volatility and transform compliance into a strategic advantage.