IT systems house Software AG is to expand its presence in the market for Swift-related services with the acquisition of Swiss fintech firm Teconomic.
Teconomic currently provides software and consulting services to seven of the top 10 Swiss financial institutions including UBS, Credit Suisse and Zurich Financial Services. Founded in 2002 by CEO, Rudolf Gunz, the firm is a certified SwiftReady services and software partner.
Software AG says the acquisition will strengthen its position in the global Swift market and expand business activities in Switzerland.
Financial terms of the deal were not disclosed.