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Accuity to acquire payments data specialist CB.Net

30 January 2009  |  5295 views  |  0 cash

Reference data specialist Accuity is to acquire its smaller payments data rival CB.Net for an undisclosed sum.

Accuity has confirmed the deal, but has yet to make a public statement while it consults with partners and customers. A formal announcement is expected next week.

Established in June 2000 by a group of bankers and IT professionals, London-based CB.Net currently offers services to more than 400 banks in more than 40 countries worldwide. The groups' flagship product BankSearchPlus offers an electronic directory of official international payment data.

The firm has won a number of influential reference data distribution deals in the European payments space, including prestige contracts with bank messaging network Swift and the European Payments Council.

However, the business is facing new competition from the formal launch this week of Swift's own online query tool for payments reference data.

Finextra also understands that the firm has been struggling to pay suppliers, indicating cash flow problems, and has been discussing a potential sale for some months.

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