Cognizant Acquires Post-Trade Processing Specialist Meritsoft
Cognizant is on an acquisitive streak again with the buyout of Dublin-based fintech. Meritsoft. The Irish firm's central proposition is its Finbos platform for post-trade processing. Finbos is an automation solution for manages taxes, fees, commission and cash flow between financial institutions. According to the company, its products are used by “five of the world’s eight leading investment banks.”
The Irish firm is best known for its Finbos platform for post-trade processing, an automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions. Meritsoft’s products are currently used by “five of the world’s eight leading investment banks”.
Sean Middleton, president, Cognizant Accelerator, says: ” Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era.”
According to Cognizant, the two companies have a track record of working together, using Finbos and Cognizant’s managed services and digital operations. The deal will also expand its Software-as-a-Service (SaaS) platforms.
Meritsoft’s private equity investors were Synova and an affiliate of 22C Capital. Both have been working with Meritsoft management since 2015.