SIA buys out Perago

SIA buys out Perago

Italy's Società Interbancaria per l'Automazione (SIA) has acquired a 75% stake in Perago Software, a South Africa-based provider of payments infrastructure software and services. Financial terms of the deal were not disclosed.

SIA originally acquired a 30% stake in affiliate Perago System Enablers in July. The Pretoria-based firm's real-time gross settlement system, Perago:rtgs, has been implemented by central banks in six countries to date - Malawi, Namibia, Zambia, Zimbabwe Uganda and Sweden.

The company also provides a government securities registration and settlement (GSRS) system.

SIA says it will integrate Perago's software development and maintenance operations with its own technology and operations.

Philip Tromp, MD of Perago, says the combination of SIA's technology with Perago's "will create an attractive and robust end-to-end offering to financial institutions and market infrastructures".

Renzo Vanetti, CEO of SIA, says the acquisition of Perago is a "significant step" forward in the firm's strategy of developing businesses in specialised areas.

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