New York-based Oasis has been providing back office technology to US financial institutions for the last 12 years. The firm's turnover between June 2004 and June 2005 is expected to approach $4 million.

Oasis's TXpress and FlashLink back office clearance and settlement products are designed to facilitate both securities and funds processing directly with the Federal Reserve Bank, in addition to securities processing with the major clearing banks, FICC and DTC among other depository institutions.

Paris-based GL Trade says the acquisition will enable it to provide clients with connectivity to US clearing houses, settlement agents and US regulatory reporting.

Following the acquisition TXpress, which currently handles fixed income, will be adapted to encompass US equities processing. Both Oasis products will be combined with GL Trade's back office securities settlement system, GL Rims, to provide a seamless global equities platform.

The vendor says the Oasis unit, which currently employs 20 staff, will report directly to Nicolas Levy, the head of its settlement and back office business line who is based in London.

Commenting on the deal, Levy says: "We had already established a commercial partnership with Oasis to respond to RFP's and specific client initiatives together which had already achieved a common client deal.

"We foresee a need for global settlement and stock record infrastructure: Firmly established in the UK, Europe and Asia, GL Rims now leaps toward becoming the global system our clients are expecting."

GL Trade said in August last year it was looking for new acquisition targets in the US in a bid to reinforce its position as a global supplier to the wholesale financial markets. The vendor went on to buy US equities and options order routing specialist Davidge Data Systems from S1 Corporation in October.

The vendor is also looking to increase sales in the US and Asian markets as consolidation among financial intermediaries in Europe restricts growth in the region.