The transaction was completed on September 24. Financial terms were not disclosed. Financial Software Systems ("FSS") was founded in 1992 and serves a world-class set of treasury, private banking, prime brokerage, broker-dealer and fund management clients in the Americas, Europe and Asia. Spot Systems ("Spot") was founded in 1983 and serves a wide range of banks in North America.

"The addition of Spot Systems will strengthen our presence in North America and further expand our product offerings" said Gerald Thurston, President of FSS. "We welcome Spot customers into Financial Software Systems' family. The combination of Financial Software Systems and Spot will provide many opportunities for Spot customers to expand their treasury capabilities beyond FX settlements and accounting." FSS fully supports FX Derivatives, Money Market instruments, Bonds and Equities, and Interest Rate and Equity Derivatives. FSS's Spectrum Treasury System provides front-, middle-, and back-office processing, along with a robust suite of internet portals and web-publishing capabilities. FSS is also the world's leading supplier of real-time margining software for broker-dealers, private banking and risk management applications, through its MarginTrac system.

Fred Goldman, CEO of Spot remarked, "The combination with FSS is ideal for Spot and its customers by providing a clear upgrade path for expanded treasury operations. We are delighted with the opportunity this merger provides for Spot's customers and employees." Mr. Goldman and Mr. Bruce Nissim, President of Spot Systems, have been retained as consultants to the combined enterprise.

Goldenhill Technology Advisors, an international technology M&A advisory firm, assisted FSS in the transaction.