Summary history 1993
Fundtech founded.
2000 2001
2002 Acquires Swiss service bureau, Biveroni Batschelet Partners (BPP).
A difficult year sees a reduction in headcount, office closures and a write-off of some projects. There is a net loss for the year of $31.6 million.
Gains 18 settlement members as users for its Continuous Linked Settlement system, including six of the eleven test partners. Also claims completion of a rewrite of its product suite, following an investment of $60-70 million. One result is the Unix and Oracle-based Global PayPlus, replacing the original PayPlus version; another is CashPlus, a new version of Fundtech’s previous cash management system, AccessPro. For the latter, Co-operative Bank in the UK is one of the first to sign to upgrade.
2003 2004 2007 2008
Undertakes a restructuring early in the year to seek a return to profitability.
Acquires India-based cash management system supplier, CashTech, and Swiss Swift service bureau, Datasphere. Acquires German payments system provider, Prang GmbH.
Acquires Accountis, providing UK Bacs payments software to corporates and direct clients. Accountis then bought its main rival, Intersoftware, a bit over one year later, taking the combine customer base to around 8500. Accountis was renamed Fundtech FSC Ltd in 2010.
2008 October – BBP, the Swiss subsidiary of Fundtech, acquires Synergy Financial Systems, a UK Swift service bureau, in a deal worth up to £3.6 million. The deal, according to Fundtech, made it the world’s largest Swift service bureau operator based on transaction volume, with a client base of over 200 financial institutions. June – Announces planned merger with S1 Corporation.
2011 2011
August – S1 rejects a counter bid from ACI and says it will press on with the merger with Fundtech.
2011 September – GTCR bids for Fundtech and the bid is accepted. S1 merger agreement is terminated. 2011 November – GTCR takeover is completed. 2012
2013
October – Signs a partnership with Singapore-based NEC subsidiary, Decillion Group, to provide a service bureau in Asia Pacific.
2013 January – Ed Ho appointed COO and president, replacing Michael Sgroe. Ho moves from Misys, where he was EVP and general manager of the capital markets division.
September – Launches Global Messaging Plus, touted as the ‘fourth generation’ of its financial messaging platform.
2013 December – Fundtech falls foul of US regulators, with the FDIC and Office of the Comptroller of the Currency (OCC) ruling that the supplier operated without (1) an internal auditor or an integrated risk-focused audit program; (2) a comprehensive due diligence program; (3) an enterprise-wide risk assessment program to determine related risks and vulnerabilities of assets; (4) an effective business continuity or disaster recovery plan; (e) effective patch management procedures to identify and address software vulnerabilities; or (f) an effective log review program to detect, identify and act on potential threats in a timely manner. Las Vegas-based BServ was similarly told to make improvements and this was the first time there had been such a move against vendors. Law firm, McGuireWoods, commented: ‘These cases illustrate the increased regulatory scrutiny of community banks’ privacy and data security measures that we have been seeing over the past year. The FFIEC’s guidance on data security, the 2013 Cybersecurity Executive Order and the NIST standards all create a common language for data security protocols in the financial services sector. With these technical frameworks in place, financial regulators are looking at banks with an increased focus on technical data controls. And, as was the case in the final quarter of 2013, the FDIC is willing to undertake an enforcement action if a bank, or a bank’s vendor, is not information security savvy.’ Sold to Canadian Financial Technology company D+H Corp
2015 2017
D+H was acquired by Vista Equity Partners and merged with Misys to form Finastra
Payment Systems & Suppliers Report |
www.ibsintelligence.com
167
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266 |
Page 267 |
Page 268 |
Page 269 |
Page 270 |
Page 271 |
Page 272 |
Page 273 |
Page 274 |
Page 275 |
Page 276 |
Page 277 |
Page 278 |
Page 279 |
Page 280 |
Page 281 |
Page 282 |
Page 283 |
Page 284 |
Page 285 |
Page 286 |
Page 287 |
Page 288 |
Page 289 |
Page 290 |
Page 291 |
Page 292 |
Page 293
