23 June 2018
Visit www.gemalto.com

Fundtech buys India's CashTech Solutions

28 October 2004  |  8546 views  |  0 hand shake

Payments technology vendor Fundtech has signed a definitive agreement to acquire CashTech Solutions, a provider of cash management and electronic banking software located in Pune, India.

Under the terms of the agreement, Fundtech will pay $2.9 million in cash at the closing and an additional $0.4 million in cash within 180 days of the closing. An additional $3.7 million in cash will be paid over the next three years, depending on the financial performance of CashTech.

CashTech reported revenues of $3.4 million for the twelve month period ending September 30, 2004

Reuven Ben Menachem, CEO of Fundtech, says: "This transaction will expand our product lines, broaden our geographic coverage, deepen our management resources and add a large pool of software developers with deep domain knowledge."

The transaction is expected to close within two weeks.

Fundtech also announced that its Swiss subsidiary bbp had acquired Datasphere, a Geneva-based provider of interbank clearing and securities settlement systems.

Datasphere has a client base of more than 70 financial institutions and offers products for Swift, Swiss Franc clearing (SIC) and electronic securities clearing (SECOM). Financial terms of the transaction were not disclosed.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fundtech launches CLS managed service for settlement members

Fundtech launches CLS managed service for settlement members

11 October 2004  |  4055 views  |  0 comments
Fundtech launches SwiftNet service bureau in the US

Fundtech launches SwiftNet service bureau in the US

28 September 2004  |  3489 views  |  0 comments
Fundtech reports revenue rise; lifts guidance

Fundtech reports revenue rise; lifts guidance

04 August 2004  |  3397 views  |  0 comments
Fundtech scales up to meet growth prospects

Fundtech scales up to meet growth prospects

17 February 2004  |  3010 views  |  0 comments
Fundtech's bbp offers banks SwiftNet migration service

Fundtech's bbp offers banks SwiftNet migration service

01 October 2002  |  3678 views  |  0 comments
CashTech opens Japanese office

CashTech opens Japanese office

17 December 2001  |  3021 views  |  0 comments
Brief: CashTech and FundsXpress forge treasury ASP alliance

Brief: CashTech and FundsXpress forge treasury ASP alliance

16 October 2001  |  2993 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://info.nice.com/Visit iliad-solutions.com/

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
26341 views comments | 7 tweets | 8 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
9188 views comments | 10 tweets | 18 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
8532 views comments | 18 tweets | 23 linkedin
hands typing furiouslyArtificial Intelligence at the changing fa...
7295 views 0 | 10 tweets | 5 linkedin
Visa says 5.2m payments failed during 10 hour outageVisa says 5.2m payments failed during 10 h...
6350 views comments | 14 tweets | 10 linkedin

Featured job

(GBP Equivalent) Six-Figure Base + OTE + Benefits
New York City, NY - USA

Find your next job