Italy's SIA enters African market with 30% stake in Perago
05 July 2005 | 5435 views | 0
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.