Fintech vendor ION Group has acquired Financial Software Systems, a US provider of treasury management, capital market and wealth management technology. Financial terms of the deal were not disclosed.
Founded in 1992, Financial Software Systems serves banks, broker-dealers and fund managers around the world. The company is headquartered in Horsham, Pennsylvania, and has offices in London, San Francisco, Mexico City, Singapore, Hong Kong and Hyderabad.
The firm's founders, Gerald Thurston and Vincent Small, will stay on to help integrate Financial Software Systems with the ION Group, says a statement.
Adds Thurston: "ION Group provides a unique opportunity to join a larger organization with significant technology and domain expertise. We believe the combination with ION Group will significantly enhance Financial Software Systems' ability to serve our clients worldwide."
The deal comes just a week after ION subsidiary Wall Street Systems acquired IT2, adding to an already comprehensive treasury management systems portfolio.
In a Finextra blog post on the implications of that deal, Aite analyst Enrico Camerinelli flagged up several concerns about ION's conservative corporate culture and its effects for acquired firms.