Cognizant announces Meritsoft acquisition
IT services giant Cognizant has announced the acquisition of Meritsoft, a Dublin-based “FinTech innovator in post-trade processing.” According to Cognizant’s press release, the acquisition will benefit both companies, and provide “banking clients with an integrated managed services solution.” Meritsoft is best known for its FINBOS platform – a post-trade processor that manages taxes, fees, commissions and cash flow functions between financial institutions. And its software is used by five of the world’s biggest investment banks. Add Cognizant’s scale and knowledge-base to that, and you have a powerful package.
Cognizant’s share price has increased by 14% year to date
Source: Yahoo Finance
Kerril Burke, Meritsoft’s co-founder and CEO, made the following statement: “It is a complementary match, coupling Cognizant’s industry platforms and solutions expertise, and Meritsoft’s advanced automation technologies. We will provide a powerful integrated offering to capital markets institutions who are seeking to control costs, meet regulatory requirements and maintain liquidity.”
Sean Middleton, the president of Cognizant Accelerator, added: “We look forward to Meritsoft joining us, and expanding the fintech offerings within our growing software product portfolio,” Middleton added. “This acquisition underscores our strategy for acquiring and developing unique and powerful software products that address critical vertical industry requirements, especially when combined with our digital operations capabilities.”
Meritsoft had a successful year last year. The company was named one of the Deloitte Best Managed Companies in Ireland, as well as winning the award for Management Team of the Year from the British Private Equity and Venture Capital Association. It has a long track record in working alongside Cognizant to deliver integrated software solutions to shared clients. Post-acquisition, the two companies will look to build on those successes and deliver a market leading service.
Dominion holds Cognizant in its Global Trends Managed Fund.
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