Temenos to acquire Australian partner Rubik for $50m
Australia-based banking software and services vendor Rubik Financial is to be taken over by Temenos. The deal is valued at $50 million.
Mergers & Acquisitions/M&A
Temenos cuts jobs in US; eyes D+H payments business
Banking software vendor Temenos is understood to have laid off a number of staff across its operations in the US, including at the Trinovus and Akcelerant subsidiaries. It is also understood to be eyeing the payments business of DH Corporation, Global Transaction Banking Solution (GTBS, formerly Fundtech).
AnaCap to acquire €177m loan portfolio from Barclays
Private equity firm AnaCap Financial Partners will acquire a portfolio of Italian performing and non-performing corporate secured loans from Barclays. The portfolio, which has a gross book value of €177 million, comprises loans to primarily small and mid-sized corporates secured against real estate located mostly in the north of Italy. The agreement follows AnaCap’s Credit […]
DTCC sells Clarient Global and Avox to Thomson Reuters
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
Klarna acquires BillPay
Sweden-based payments provider Klarna has acquired a fellow payments company in Germany, BillPay. The deal is understood to be worth £60 million.
BankMobile to be sold this quarter; delays relaunch of mobile app
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
Barclays to overhaul back office ops & set up standalone entity, Barclays Services
Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services.
Banking Technology February 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
SoFi buys mobile banking start-up Zenbanx for $100m
US-based personal finance firm SoFi (Social Finance) has acquired mobile banking start-up Zenbanx as it looks to stretch out in the world of financial services. SoFi is paying about $100 million in stock for Zenbanx’s technology, according to Bloomberg and “a person familiar with the agreement”. Zenbanx offers a mobile account in the US and […]
Green Dot buys UniRush, gains a major payroll card foothold
It’s official: Green Dot will spend at least $167 million to buy UniRush.
Ant Financial Makes Giant Leap into Remittance Biz with MoneyGram Buy
Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Alibaba Group, has just become a competitive juggernaut in the remittance business with the acquisition of MoneyGram, the second-largest provider of money transfer services based in the U.S. The transaction of approximately $880 million for all of MoneyGram’s common and preferred shares announced Jan. 26, not only helps MoneyGram compete with Western Union, it helps the combined company compete with startups that have been trying to shake up the market for years.
BNP Paribas Securities Services invests in fintech start-up Fortia
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
Wipro takes over Brazil’s banking tech and services provider, InfoServer
Wipro has acquired InfoServer, a provider of custom application development and software deployment services to banks, financial institutions and insurance companies in Brazil. India’s IT giant paid BRL 27.6 million ($8.7 million) for the deal.
Linedata adds a touch of Gravitas
Investment management software firm Linedata has acquired Gravitas Technology Services, a provider of middle office and technology services to the asset management industry. Gravitas is based mainly in New York and Mumbai, and the deal is part of Linedata’s ambitions in North America. It follows last year’s purchase of fellow investment management software provider, Derivation. […]
Top fintech stories this week – 27 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Ant Financial buys MoneyGram for $880 million
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
SAP shows the world how digital transformation is done
While many traditional tech giants have been struggling to come to terms with the connected economy, SAP’s latest earnings indicate it is adapting well to the world of cloud computing.
IBM: AI needs more than just technology
Artificial intelligence (AI) on its own isn’t enough to compete – companies need industry-specific solutions to business problems. So said Martin Schroeter, IBM’s senior vice-president and chief financial officer, on the company’s quarterly earnings call.
FairFX gains e-money licence with takeover of digital banking service for SMEs, Q Money
FairFX, a London-based multicurrency payments service, has acquired Q Money and its e-money licence.
Fintech Acquisition Corp team returns to Nasdaq to raise $153m
The Fintech Acquisition Corp I team that raised $100 million through an IPO in February 2015, has returned a new blank check company – Fintech Acquisition Corp II. It seeks to raise $153 million.
Daimler Financial Services buys PayCash Europe
Daimler Financial Services is acquiring e-payments services provider PayCash Europe, based in Luxembourg. This will enable Daimler to launch its own e-payments service under the Mercedes Pay brand.
CMA comments on current account switching plans & VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
AnaCap to acquire German payments provider Heidelpay
Private equity firm AnaCap Financial Partners is taking over a controlling stake in Heidelpay, an online payment service provider (PSP) in Germany. Heidelpay’s co-founders and existing management will retain a minority stake in the business.
Private equity firms to buy German payments provider Concardis from local banks
Advent International and Bain Capital Private Equity have signed a definitive agreement to acquire Concardis, a German payment services provider currently owned by local banks. It is understood the price tag is around €700 million.
UK BPO and fintech provider Target Group buys Commercial First
Target Group, a UK-based business process outsourcing (BPO) and software vendor, has purchased the operating business of Commercial First, a provider of commercial and residential mortgage servicing, due diligence and property valuations. Commercial First, also based in the UK, provides clients with services in the real estate lending market ranging from loan administration through to […]
InvestCloud acquires Babel Systems for $20m
California-based InvestCloud has acquired Babel Systems in London for $20 million. Babel provides a modular and API-based trade and accounting platform, while InvestCloud has over 660 clients with “accounting needs served by legacy accounting systems that were designed in the last century”. This acquisition links InvestCloud’s digital platform with Babel’s capabilities. InvestCloud will also continue […]
Top fintech stories this week – 6 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The first weekly news round-up of 2017. Happy 2017! Let it be a year of discovery and success.
S&P sells QuantHouse to original founder
S&P Global is selling trading solutions provider QuantHouse to one of its original founders, Pierre Feligioni. “The time is right for QuantHouse to regain focus and flexibility to exploit growing market opportunities in North America, Europe and Asia,” Feligioni states.
CMA voices concerns over VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns.
Banking and payments tech vendor D+H up for sale?
North American banking and payments tech vendor DH Corporation (D+H) has set up a committee to review its possible sale, it is understood.
Vermilion Software and Cymba Technologies acquired by FactSet
Factset, a US-based provider of financial information and analytics software to the investment management industry, has completed two acquisitions. These are Vermilion Software, a client reporting and communications software specialist and Cymba Technologies, which focuses on asset and investment management software and solutions.
Credit card firm MBNA sold to Lloyds for £1.9bn
Credit card firm MBNA is to be taken over by Lloyds. The firm’s current owner, Bank of America, has agreed to sell it for £1.9 billion. The deal is expected to close in H1 2017.
Drooms acquires Swiss fintech firm DealMarket
Drooms, a provider of virtual data rooms, has agreed a deal to acquire DealMarket with effect from 1 January 2017 to boost its service portfolio for the entire asset lifecycle. Zurich-based DealMarket has developed a cloud-based software package for private equity investors, family offices and corporate finance experts, allowing them to manage the deal flow […]
Top fintech stories this week – 16 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fintech funding round-up: 13 December 2016
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
Fiserv acquires cash management software vendor Online Banking Solutions
Online Banking Solutions (OBS), an Atlanta-based provider of cash management software, is being taken over by banking tech giant Fiserv.
AnaCap to acquire Barclays’ French retail banking & wealth management ops, complete IT overhaul planned
AnaCap Financial Partners, a UK-based private equity firm, is set to acquire Barclays’ French retail banking business, life insurance business, wealth and investment management and brokerage operations.
Sofgen assists Bank of Singapore with integration of Barclays’ wealth business
Bank of Singapore has completed the acquisition of the wealth and investment management business of Barclays in Hong Kong and Singapore. The combined entity has more than $75 billion of assets under management (AUM) and nearly 400 specialist bankers.
Cognizant to acquire digital agency Mirabeau
Amsterdam-based digital marketing and customer experience agency Mirabeau and its 260 staff will join Cognizant’s digital business once the acquisition is completed.
Avaloq in talks with private equity firms?
Avaloq is rumoured to be talking to private equity (PE) firms. Suitors reportedly include New York-based KKR.
