news
IBS Journal October 2015
Iress buys up UK-based vendors Proquote and Pulse
Australia-based software vendor, Iress, has acquired market data software provider Proquote and portfolio management company Pulse Software Systems. The dual acquisition is set to boost
Iress’ current presence in the UK, especial- ly in the capital markets and fund man- agement space, according to the firm. All 55 staff from both Proquote and Pulse are expected to join the firm, including Pro- quote managing director David Tibbets and Pulse founder Mike Nicholls. Along with the Proquote acquisition,
Iress gains LSEHub, an FIX order rout- ing business that provides connections between investors and brokers. Proquote, which had been a London Stock Exchange (LSE) portfolio company since 2003, had been deemed non-essential, according to its former owners. Pulse provides portfolio management software to private asset managers and will
contribute to Iress’ strategy of ‘delivering broad functionality across the UK’, accord- ing to Iress chief executive Andrew Walsh. The acquisitions have also created a signif- icant market share for the company in the retail trading space, he adds. Both deals are expected to be finalised in Q4 2015. Financial details of either have
not been disclosed. Iress signed on to a strategic partner-
ship with UK-based Atom Bank in August, with the digital bank becoming one of the first clients to implement the latest version of Iress’ flagship Mortgage Sales & Origina- tion (MSO) suite.
Alex Hamilton IN BRIEF
Evertec Group has purchased a majority share in Colombian payments processor Processa. The deal, which gives Evertec a 65 per cent stake in Processa, was signed for
around $5.4 million, subject to adjustments. The purchase aligns with the Evertec strategy of investing in the South American (and in particular Colombian) market, according to Evertec president and CEO, Mac Schuessler. Evertec, founded in 2004 and based in Puerto Rico, focuses in the Latin American
and the Caribbean markets and provides merchant acquiring, payment processing and business process management services. The company works across 19 countries, processing 1.8 billion transactions annually. It manages the electronic payment net- work for over 4100 ATMs and 104,000 POS terminals. —Alex Hamilton
Asseco grabs majority share in rival vendor Exictos for €21.5m deal
Polish software vendor, Asseco, has bought a majority 61.4 per cent stake in Portuguese rival Exictos for €21.5 million in a move that the company believes will strengthen its position in Africa. Asseco, which operates in more
than 30 countries around the world with a wide portfolio of banking soft- ware and services, gathered the major- ity share from five individuals and Portuguese investment firm Ifogest. The Polish vendor will be financing the takeover with its own resources. Exictos, formerly known as Promosoft,
was one of Portugal’s first banking soft- ware providers, having been launched in 1988. It rebranded in 2011 and has a strong presence in Africa – in particularly Angola, Mozambique, Cape Verde and Namibia – where its systems are implemented across 39 sites.
8 Asseco HQ, Warsaw
and Antegra and Pexim Solutions from Serbia. Its largest acquisition in the core
banking software space to date is Rus- sia-based R-Style Softlab, purchased in 2013 for around $28 million. Asseco experienced a 22 per cent
increase in revenue in Q1 2015 – its fifth consecutive quarter of growth. In a statement about the latest
acquisition, Asseco confirms that the purchase of Exictos was made to grab a
The Portuguese company made a
profit of €5 million in 2014 on a revenue of €42.5 million, according to its new owners. Asseco has a history of buying up rival companies in the market place. As a result, it has a range of core banking systems that stem from local developers it has acquired. The majority of these reside in Central and Eastern Europe. The acquired vendors include Probass and Fiba from Romania,
© IBS Intelligence 2015
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foothold in Africa, as well as open potential inroads to South America, where Portuguese- speaking countries might benefit from the implementation of Exictos’ software. Both Asseco and Exictos can be found
in IBS Intelligence’s Back Office Systems and Suppliers Report, along with a break- down of their systems, sites and operation- al history.
Alex Hamilton
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