Trading and treasury systems vendor Wall Street Systems (Wallstreet) has signed an agreement to acquire the wholesale banking business of New York-based Aleri.Financial terms of the deal were not disclosed.
Wallstreet says its acquisition of the Aleri Global Banking unit derives from Aleri's decision to focus exclusively on complex event processing (CEP) and demonstrates its commitment to the back office space.
"The addition of Aleri Global Banking extends our global footprint in providing cross-asset back office solutions to global banks - something we are fully committed to for the long-term," says Wallstreet president and CEO, Joel Mandelbaum.
Wallstreet says Aleri Global Banking products will stay the same but will be branded. Development, client services, consulting and support staff will become employees of WSS, which also plans to form and support a global banking user group.
The transaction is anticipated to be completed by the end of May and the integration is expected to be completed by the end of the year, says Wallstreet.
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