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Italy's SIA enters African market with 30% stake in Perago

05 July 2005  |  5435 views  |  0 hand shake

Italy's Società Interbancaria per l'Automazione (SIA) has acquired a 30% stake in Perago Financial System Enablers, a South Africa-based provider of payments infrastructure software and services.

SIA, which was established by the Central Bank of Italy in the late 1970s, says it was looking to invest in a technology firm that would broaden its product offering in the global payment system market.

Pretoria-based Perago's real-time gross settlement system, Perago:rtgs, has been implemented by central banks in five countries to date - Malawi, Namibia, Zambia, Zimbabwe and Uganda.

Renzo Vanetti, CEO of SIA, says: "We identified Perago as we were very impressed by what they achieved in a very tough market. We strongly believe the synergy between Perago and SIA creates a perfect match, thanks to common corporate cultures and long and recognized experiences in providing innovative infrastructure for the international financial system."

Financial terms of the deal were not disclosed.

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