Wilco International has acquired the Summit broker-client accounting product set from Australia's Computershare for an undisclosed amount.
In addition to the Summit system itself, the acquisition includes approximately 30 staff currently working on the product, and contracts with existing users.
The system provides support for both institutional and retail brokers for trading operations in domestic Australian equities. Functionality provided includes straight through processing (STP) for trading, settlement and trade confirmation. The system can be used on an on-site implementation or outsourced bureau solution basis.
The integration of the Summit unit into Wilco's operations takes place with immediate effect.
Steve Bloomer, CEO at Wilco International says: "This is a very good acquisition for Wilco. It provides us with a first rate Australian domestic processing solution, a pool of talented people with experience of the Australian market and a prestigious new client base."
Wilco recently announced plans to develop three new interfaces and reconfigure its Gloss back office system to accommodate Australian market moves.