Dubai-based payments software house EastNets has acquired Luxembourg’s Side International, a supplier of payments and anti-money laundering technology. Financial details were not disclosed.
The two companies – which both operate in the interbank and corporate-to-bank Swift payment space - have been business partners since 2002.
EastNets covers 20 major markets and serves 450 customers from its stronghold in the Middle East. Side claims 470 clients in Europe and US for its range of Swift business and AML software.
Under the terms of the acquisition, the two companies will form a combined entity and EastNets will incorporate Side International’s full product set into its portfolio.