BPCE, the second largest banking group in France, has acquired German challenger bank Fidor. Fidor will remain as an independent business and says it will “capitalise on the support” of BPCE to expand and continue the development of its proprietary digital banking technology. Founder and CEO Matthias Kröner will continue as the chief executive of […]
Paris-based Sopra Steria has completed its acquisition of Cassiopae, a developer of specialised finance management software. The firm, through its subsidiary Sopra Banking Software, has bought 75% of the share capital of Cassiopae. The planned tie-up was first announced in February, as Banking Technology reported. Cassiopae’s founder and his family, and certain managers including current […]
Italian payments firm SIA has invested in a 3.17% stake in technical university Politecnico di Milano (MIP). SIA is the third new partner to join in 2016 after Microsoft and Whirlpool, and says it has already been collaborating with MIP for several years on international innovation and development projects. “Being close to companies and to […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
Société Générale has acquired a stake in TagPay, a French mobile banking firm, as it looks to develop mobile banking in Africa. Société Générale says the deal will support the development of TagPay on the market and it will roll out the service to its African subsidiaries. TagPay’s mobile-centric core banking system, also called TagPay, […]
MasterCard has entered into a definitive agreement to acquire 92.4% of VocaLink for $920 million. As Banking Technology reported in March and April, MasterCard was in “exclusive” talks with VocaLink over the acquisition. VocaLink’s existing shareholders have the potential for an earn-out of up to an additional $220 million, if performance targets are met. This […]
Merging tech, avoiding “turf wars”, embracing change, careful planning and ensuring alignment between the companies – there is plenty to think about in any merger and acquisition (M&A) deal to ensure its success. Some relief, however, might come in the form of a cloud. When and how should this technology be applied? Banking Technology contributor, Graham Jarvis, […]
Japanese operator group Softbank has successfully bid £24.3 billion to buy UK mobile chip designer ARM in a bid to position itself at the centre of the IoT revolution, reports Scott Bicheno at Telecoms.com. The bid represents a 43% premium to the ARM share price at close of trading on Friday last week and the […]
Wirecard has reached a definitive agreement to acquire Citi Prepaid Card Services – giving it an expansion into North America. The firm says Citi Prepaid card services have launched over 2,500 client programmes, associated with global companies and brands, but primarily in North America. Subject to the usual regulatory approvals, the deal is expected to […]
FICO, an analytics and decision management software provider, has acquired US cyber risk security scoring firm QuadMetrics. The deal will help FICO further develop its Enterprise Security Score, which ranks an organisation’s level of cybersecurity risk. The transaction has closed and terms have not been disclosed. Doug Clare, vice-president of cybersecurity solutions at FICO, says […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Visa Inc completes acquisition of Visa Europe Together again. Virgin Money UK in new banking software search Another one of Branson’s ventures. BIL embarks on major technology overhaul with Temenos Second time lucky? MoneyConf 2016: Woe to the […]
Markit, an international provider of financial information services, is buying Prism Valuation, a specialist in independent valuation and risk analysis of derivatives and structured products. Markit says this acquisition will complement its portfolio valuations service, as it will provide enhanced coverage of complex OTC derivatives and structured OTC products. It will also expand Markit’s customer […]
Acquisitive banking software start-up Nymbus takes over yet another fellow vendor, Sharp BancSystems (SBS). SBS is a long-standing fintech provider in the US, having been set up in Texas back in 1987. This is Nymbus’ largest acquisition to date – earlier this year, the company bought R. C. Olmstead (RCO) and KMR. Alex Lopatine, founder and CEO […]
Visa Inc and Visa Europe are united again. The combined company provides digital payment products, services and processing to about 17,100 financial institution clients and partners, 40+ million merchant outlets, and three billion Visa accounts worldwide. The company says its branded cards and payment products amount to approximately $6.8 trillion in global payments volume annually. […]
India’s government has given the green light to the State Bank of India (SBI) to merge with its five associate banks. SBI is already among the largest an India and a sizeable international player, with the total assets of $400 billion and a network of 16,500+ branches (including over 190 international locations across 36 countries). […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! UniCredit and Open Bank Project launch fintech start-up competition Top prize is €50,000 and a contract to work with UniCredit. BBA to merge with three trade associations to create major industry body British Bankers Association (BBA), Council of […]
Hot on the heels of the R. C. Olmstead (RCO) acquisition, core banking software start-up Nymbus takes over another fellow vendor, KMR. KMR was founded in 2007 and focuses on the US credit union space. Its flagship suite, AgilityFOUR, consists of two products: AgilityWeb (a remote banking solution) and AgilityOrg (credit union management and compliance software). […]
DST Systems, a provider of business data services to the financial services and healthcare markets, is selling its North American Customer Communications (NACC) unit to Broadridge Financial Solutions. The deal is valued at $410 million in cash and is expected to close in July. The NACC business generated $1.1 billion in revenue in 2015, or 40% […]
Broadridge Financial Solutions has taken over fellow vendor 4sight Financial Software, a provider of securities finance and collateral management systems to financial institutions worldwide. Terms of the deal were not disclosed. Quayle Munro Limited acted as 4sight’s financial advisor in this transaction. UK-based 4sight was founded in 2003 and grew to acquire a client base […]
British Bankers Association (BBA) has secured the go-ahead from its members to merge with three other UK-based trade associations: Council of Mortgage Lenders (CML), Payments UK and UK Cards Association. The new trade association will be have a broader representation of the financial services industry. Anthony Browne, CEO of BBA, comments that it is only […]
Goldman Sachs has recently launched a new digital bank, GS Bank. It accepts deposits from consumers and institutional clients, starting from just $1. Goldman Sachs is understood to be working with Infosys and its EdgeVerve division on this project, with the vendor’s e-Finacle platform as the underlying tech for GS Bank. Infosys’ spokesperson provided a […]
Nymbus, a US-based core banking software vendor, has acquired fellow supplier R. C. Olmstead (RCO), to gain a foothold in the Midwest credit union market. RCO comes with 46 customers, all in the low-tier segment. These include Wilkes-Barre City Employees CU, Dover-Phila FCU, McDonald Community FCU, Toledo Metro FCU and Yorkville Community FCU. RCO has […]
The European Commission has approved the proposed acquisition of Visa Europe by Visa Inc. This concludes all regulatory approvals required for this deal to go ahead, as the Jersey and the Turkish competition authorities have already given their stamps of approval. The transaction is expected to close in Visa Inc’s fiscal Q3 2016. The takeover […]
The London Stock Exchange (LSE) says its all-share merger with Deutsche Börse could result in 1,250 job losses. In March, after speculation and a rival bid, both parties reached agreement to create a Europe-based global markets infrastructure group valued at about £21 billion. The merger is expected to be finalised by the end of this […]
India-based IT heavyweight Tech Mahindra is spending £112 million on Target Group, a UK-based business process outsourcing (BPO) and software vendor. Target focuses on the lending, investment and insurance sectors, claiming around 50 financial institutions in the UK as customers. Among them are Yorkshire Building Society, Shawbrook Bank, Central Trust and Masthaven. It also works […]
Financial industry has reached the point of no return: new start-ups and technologies are disrupting the traditional world of banking. All the things that were either unavailable, limited, expensive or poorly designed, now can be accessible from the third parties, which are not even close to banks. Small fintech companies are doing the job the […]
Swiss firm Profidata has acquired the “entire shares” of Abraxas, a German software and service provider for the financial industry. With the deal going ahead, Profidata will get FundLine, used for processing mutual fund orders and calculating trailer commissions; and RiskLine, for consolidation and quality assurance of financial market data, automated checking of market conformity […]
Frankfurt-based DZ Bank has acquired a 25% share interest in the Hamburg receivables auction platform TrustBills. This is the bank’s first strategic investment in fintech within the corporate customer business. The amount invested has not been disclosed. TrustBills, a start-up founded in 2015, is an electronic marketplace for selling international receivables of companies to institutional […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Atom Bank adds another system to its tech set-up; readies mobile app Bank has just launched, but already has problems. Monitise looks to be profitable in H2 2016 But did it grow too big too fast? EFG and BSI […]
New York Stock Exchange owner, Intercontinental Exchange (ICE), has confirmed it won’t make a bid for London Stock Exchange (LSE). In March, ICE had said it was considering making a rival bid for LSE – setting up a potential takeover battle with Deutsche Börse. That never happened as a few weeks later in March Deutsche […]
With the takeover of BSI by rival EFG International, Switzerland will see the creation of the country’s fifth largest private bank. Banking Technology looks at the IT implications, and the winners and losers of the deal. EFG is buying BSI from Brazil’s troubled Grupo BTG Pactual for CHF 1.33 billion ($1.38 billion). In its turn, […]
US-based payment processor Global Payments is to acquire Heartland Payment Systems for $3.8 billion in cash and stock, as approved by the Heartland stockholders. About 29.7 million shares were voted in favour of the merger proposal. The vote represents approximately 99% of the total Heartland shares which voted on the merger proposal and 80% of […]
Malawi Savings Bank (MSB) and FDH Bank will unite, resulting in 250 job cuts and a major core system upgrade. Sobhuza Ngwenya, group head of marketing at FDH, says that the core business strategy of the merged entity “towards achieving the top bank status” will be technology-driven. However, no branches are expected to close. FDH […]
Orange has made a significant stride in mobile banking by acquiring a majority stake in financial services firm Groupama, reports Tim Skinner at Telecoms.com. The French mobile operator has confirmed it has acquired 65% of Groupama shares, will be launching a 100% mobile banking service in early 2017. By acquiring Groupama, Orange will be gaining an extensive […]
MasterCard is in “exclusive” talks with VocaLink over a £1 billion-acquisition, according to Sky News. Sky News says it has learned that 13 banks, which are shareholders in VocaLink, have “approved a period of exclusivity within which MasterCard can negotiate a takeover of the company”. Out of those banks, Barclays, HSBC, Lloyds Banking Group and […]
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon. American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida. The bank’s Horizon core banking […]
US-based banking software vendor, Jack Henry & Associates, is shedding its deposit automation business, Goldleaf Enterprise Payments (formerly Alogent Corporation). The buyer is Battery Ventures, a US/Israeli venture capital and private equity firm. The company is regaining is former name – Alogent. Alogent’s back office software focuses on electronically capturing, processing and analysing cheque data […]
Distributed ledger specialist Digital Asset Holdings has acquired a small Swiss start-up, Elevence Digital Finance. Elevence’s niche is a modelling language for determining rights and obligations in blockchain collaboration agreements. Its takeover provides Digital Asset with a new, verifiable way for parties involved in a transaction to independently prove updates to a distributed ledger while […]
Calypso Technology, a provider of treasury and capital markets (TCM) software, is to be acquired by European private equity fund Bridgepoint and global growth equity investor Summit Partners. Pascal Xatart, president of Calypso, says the deal means the “arrival of a new investor base” which will support its “growth ambitions”. The vendor has been owned […]
US-based developer of CRM and BPM software, Pegasystems, has acquired OpenSpan. The acquisition, says Pegasystems, “brings robotics, analytics and case management together to enable more productive employees and better customer experience”. OpenSpan, based in the US state of Georgia, specialises in robotics process automation and workforce analytics software. The company says it is currently running […]
