Profidata acquires German software fintech firm Abraxas
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 and fair value calculation.
Abraxas will continue to operate independently from its existing location in Saarbrücken, Germany, but as part of Profidata. The latter’s HQ is in Urdorf, Switzerland.
Profidata, which focuses on wealth, investment and asset management sectors, has enjoyed an active year so far.
It implemented its e-AMIS wealth management system at Singapore-based Ferrell Asset Management.
Its Xentis system also gained a lot of attention. Switzerland-based fund manager PvB Pernet von Ballmoos selected it for automated processing of its fund and investment business; and Mobiliar Asset Management, also based in the alpine nation, chose it for asset management and investment controlling.
Also in Europe, Luxembourg-based fund administration and services company, Navaxx, will use Xentis to manage its network of clients, and more than €4.6 billion in assets.