Finastra acquires Olfa Soft for treasury revelry
Finastra has acquired Geneva-based Olfa Soft and its FX e-trading platform for banks and financial institutions as it targets treasury departments.
Financial details were not disclosed. The eFX trading solution will cover distribution, position-keeping, post-trade and payments.
Nadeem Syed, CEO at Finastra, says this is its first acquisition (since the company’s formation in mid-2017) and the FX trading market is moving to “automated, machine-to-machine electronic trading” and the deal will help it cope.
Finastra has collaborated with Olfa Soft since June 2017. Now, as one combined company, it can offer “even tighter” integration of its FusionCapital Treasury solution suite with the Olfa Soft Seamless FX platform.
According to Finastra, the solution provides direct access to 48 liquidity providers and straight-through-processing (STP) capabilities. The combined eFX trading solution is already available and will be delivered as a micro-service on the Finastra FusionFabric architecture.
Olfa Soft was advised by Investment Bank Rochefort & Associates on the transaction.