Comit, a fintech consulting subsidiary of telco Swisscom, has acquired International Financial Business Solutions (IFBS), a Zurich-based provider of securities finance and collateral management technology. Financial terms of the deal have not been disclosed.
IFBS was founded in August 1999 and started development its Finace package of securities lending, repo and OTC derivatives collateral management products in 2001. The suite was launched in in 2004.
Commenting on the deal, Felix Oegerli, CEO of IFBS, says: "Through our acquisition by Comit, we are able to access a more powerful distribution system, are closer to our clients and are able to rapidly scale up for project delivery. The size and quality of our parent, Swisscom, will also augment our value in the vendor risk assessments of our future clients."
Comit says it will provide Finace customers with end-to-end implementation services as well as on-going support and project management.