Mergers & Acquisitions/M&A

Wirecard moves into North America with Citi Prepaid Card Services acquisition

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 acquires QuadMetrics for cyber risk score development

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 […]

Top fintech stories this week – 24 June 2016

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 acquires specialist vendor Prism Valuation

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 […]

Core banking software vendor Nymbus makes another acquisition

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 completes acquisition of Visa Europe, appoints new board member    

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. […]

State Bank of India merges with associate banks

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). […]

Top fintech stories this week – 17 June 2016

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 […]

Nymbus acquires credit unions software vendor KMR

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). […]

Broadridge to acquire DST Systems’ North American Customer Communications for $410m

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 acquires 4sight Financial Software

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 […]

BBA to merge with three trade associations to create major industry body

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 to underpin new digital bank with Infosys tech

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 […]

Core banking software developer Nymbus acquires fellow vendor RCO

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 […]

Visa Inc gets green light to take over Visa Europe

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 […]

Jobs to go in Deutsche Börse and LSE merger

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 […]

UK BPO and fintech provider Target Group acquired by Tech Mahindra

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 […]

Are banks ready to innovate?

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 […]

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 […]

DZ Bank invests in receivables auction platform TrustBills

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 […]

Top fintech stories this week – 6 May 2016

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 […]

ICE backs out of London Stock Exchange bid

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 […]

EFG and BSI to merge on Temenos’ T24, Avaloq to be ousted

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, […]

Global Payments gets green light to acquire Heartland Payment Systems

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 […]

Orange buys Groupama for 2017 mobile bank launch

Orange has made a significant stride in mobile banking by acquiring a majority stake in financial services firm Groupama, reports Tim Skinner at 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 closes in on £1bn VocaLink acquisition

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 […]

Fidelity Bank completes latest acquisition; IT conversion to follow

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 […]

Jack Henry offloads Alogent product line to Battery Ventures

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 […]

Two blockchain start-ups become one as Digital Asset Holdings and Elevence merge

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 […]

Bridgepoint and Summit Partners to buy Calypso Technology

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 […]

Robotic automation software vendor OpenSpan acquired by Pegasystems

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 […]

Xceed and Reach Credit Unions to unite on Fiserv’s DNA core platform

California-based credit union, Xceed Financial, is merging with fellow Reach Federal Credit Union. The two entities will use Fiserv’s DNA core processing system as their centralised platform. It will be provided on a hosted basis. Xceed is already on the DNA platform, but has been using it in an in-house environment rather than outsourced. Reach […]

M&A in investment management tech space: Linedata acquires Derivation

France-based Linedata has taken over fellow investment management software provider, Derivation. Derivation specialises in risk, analytics, and portfolio management solutions to institutional and hedge fund managers. It is based in the UK, employs 20 people and its pro-forma revenue for 2015 is £2 million (€2.5 million). The acquisition has now been completed. Derivation’s products will […]

Fintechs, prepare for a wave of M&A

The financial services ecosystem is experiencing dramatic change, driven on the one hand by disruptive fintech models that are causing disintermediation of the financial incumbents, and on the other hand by rapid advances in technology that are disrupting the ancient, creaking core banking platforms. Fintechs, prepare for a wave of M&A, says FirstCapital’s CEO, Jason Purcell, as […]

KeyCorp and First Niagara merger – software revamp on the cards?

As US-based KeyCorp prepares to take over its rival First Niagara to create the country’s 13th largest bank, Banking Technology muses what this might mean for the fintech market. A major system selection perhaps, as both banks are currently using dated systems? KeyCorp and its banking subsidiary, KeyBank, hope to finish acquiring First Niagara by […]

Diebold and Wincor Nixdorf merger on track, creates world’s largest ATM maker

ATM maker Diebold says it has met the tender condition for Wincor Nixdorf shares as part of a $1.8-billion acquisition. Last year, US-based Diebold agreed to buy out its German rival. The deal will see the creation of an ATM titan worth about $5 billion in sales and give Diebold a stronger presence in Europe. […]

Top fintech stories this week – 24 March 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! As it’s Easter holidays in the UK, this time it’s published on Thursday. Deutsche Bank reduces branch network in Germany Rise of digital banking drives change. Polymer notes pose £45m problem for UK cash machines Slippery when plastic. […]

Payments shake-up in the UK: the baby and the bathwater

Since the introduction of the Faster Payments Service (FPS) the best part of a decade ago the UK has been rather proud of its payments system – industry body Payments UK uses the phrase “world class payments” in its development plans, and successive politicians have trumpeted the country’s prowess in this field, much as their […]

IHS and Markit to merge

Data providers IHS and Markit have agreed an all-share merger of equals, with the transaction expected to close in the second half of 2016. The “implied” equity value of the transaction is more than $13 billion and the deal has been “unanimously approved” by the board of directors of each company. Jerre Stead, IHS chairman […]