India's Infosys Technologies has acquired the treasury products division of US company IQ Financial for an undisclosed sum.
The acquisition brings to the Infosys Banking Group’s fold the existing Trade IQ clients of IQ Financial Systems, which include some of the top tier banks of Europe, Japan and US with installations in Switzerland, UK, US and Japan. The acquisition includes working offices with employees in London and Tokyo.
The suite of products acquired from IQ Financial Systems include Trade IQ and associated limits management and desktop risk software modules, together forming an integrated front, middle and back office system encompassing money market, foreign exchange, and fixed income products and derivatives. The software - based on new generation technologies (OO design, ORB based 3-tier architecture) and open systems - will be marketed and sold as modules or as an integrated package under the brand name, Finacle - Treasury.
Infosys currently offers banking software products for retail and corporate banking operations. This acquisition will provide a springboard into the wholesale and investment banking segment as well.
Girish Vaidya, head - banking business unit, Infosys Technologies says: “This acquisition has helped us to emerge as an end to end player in the banking software market with state of the art offerings to retail, corporate and wholesale banks.”
Edward Ho, president of IQ Financial Systems says the closure of the transaction will leave the company free to focus exclusively on its core business in the commercial lending and capital markets industries.