CheckFree buys Upstream Technologies for $28m
21 May 2007 | 3854 views | 0
US fintech vendor CheckFree Corporation has signed a definitive agreement to acquire Upstream Technologies, a Boston-based provider of investment decision support and order management tools, for $28 million in cash.
CheckFree says the deal covers the acquisition of "substantially all of the assets" of Upstream Technologies.
The business will be integrated with CheckFree's New Jersey-based investment services division, which provides technology to the managed accounts industry.
CheckFree says it will offer the Upstream Web-based model management, decision support, trading and real-time order management tools as complementary modules to its core platform. The Upstream Model Management System (MMS), Investment Management System (IMS), and Order Management System (OMS) can be integrated with CheckFree's existing platform and is expected to serve as the front end for future CheckFree investment management platforms.
Michael Gianoni, EVP and GM of CheckFree's investment services division, says: "The addition of Upstream's skilled engineering team, as well as its highly regarded decision support, trading and order management platform, will enable us to deliver the best-in-class platform to our customers."
The transaction, which is subject to customary closing conditions, is expected to close by the end of May.