Trema signs Bank of Uganda; buys Richmond Software

Trema signs Bank of Uganda; buys Richmond Software

The Bank of Uganda is installing technology from European treasury management software vendor Trema to support its foreign reserve management operations.

The vendor says Bank of Uganda will implement its Trema Suite, which streamlines central bank processes by effectively handling both reserve management and monetary policy execution in a single system.

The bank is the third African central bank to adopt its financial technology - the system is also used by the Central Bank of Morocco and South African Reserve Bank.

Terry Beadle, EVP and head of the government sector at Trema, says: "Our mid-tier central bank offer is specifically designed to cater for the increased regulatory and performance challenges faced by mid-sized central banks working with more limited budgets and resources."

Separately, Trema has acquired the complete share capital and assets of Richmond Software, a provider of treasury management systems to middle market corporate firms including Porsche, Sharp Electronics and Warner Music.

Formed in 1990, London-based Richmond Software has annual sales of $7m and a 150-strong customer base.

The vendor says the new business unit will enable it to cover the more volume driven middle market space. Michèle Fitzpatrick, CEO at Trema, says: "We will continue to invest aggressively in the development and distribution of Richmond Software as our mid-market product offering."

The vendor says all research and development activities for the acquired unit will remain based in the UK, under the direct leadership of Charles Palmer, founder and MD of Richmond Software, who joins Trema's executive management board.

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