Vencora acquires Crealogix to bolster banking tech portfolio
Vencora UK, the fintech subsidiary launched by Volaris Group in November 2022, has completed its acquisition of Switzerland’s Crealogix, extending its reach into banking technology.
Vencora adds Crealogix to banking portfolio
The deal was completed via a stock acquisition, which sees Vencora take ownership of 1,391,622 of Crealogix’s shares, or 99.07% of its issued share capital and voting rights.
According to Vencora’s statement on the deal, each share supports a nominal value of around $9 each, meaning that in total, approximately $12.5 million (CHF 11.13 million) was transferred between the two parties, although the exact financial terms involved have not been disclosed.
With the transaction now complete, Crealogix has become the latest addition to Vencora’s growing company portfolio, which now stands at 16 brands.
Founded in 1996 and headquartered in Zürich, Crealogix specialises in providing digital banking and wealth management solutions, including solutions supporting conversational AI, a digital funding portal and a lending platform for 600 financial institutions across 15 countries.
Post-acquisition, the company will continue to operate independently under the leadership of current CEO Oliver Weber.
For Vencora, which is headquartered in Toronto, Canada and is heavily concentrated on acquiring software companies operating in the verticals of finance and insurance, the takeover of Crealogix is due to strengthen the standing of its banking portfolio specifically, following on from its previous acquisition of Quarzo Tecnología, a software provider targeting employee associations, savings funds, mutual funds and cooperatives in Central America, in January 2023.
On its latest purchase, Vencora says it plans to induce a compulsory sale of Crealogix’s shares among its remaining minority shareholders and will delist the firm from the SIX Swiss Stock Exchange, where it has been trading publicly for the last 24 years.
