Finastra has acquired Geneva-based eFX supplier Olfa Soft to capitalise on an ongoing shift to automated machine-to-machine electronic trading in currency markets.
The Olfa Soft platform enables bank and corporate treasury departments to manage FX positions and exposures in real-time from 48 liquidity providers. It has already been deployed as a micro-service on the Finastra FusionFabric architecture, providing cloud-based access to capital markets clients.
Olfa Soft was founded in 2011 by Fabrice Benouaich and Oliver Virzi, who worked together at FX brokerage Advance Currency Markets.
Says Benouaich: “As FX markets become more competitive with trading increasingly conducted electronically, technology has to keep up with the pace and efficiency the market demands. We already know that our combined proposition works and now we’ll be able to help treasurers take eFX trading to the next level.”
Nadeem Syed, CEO at Finastra adds: "This is our first acquisition as Finastra and signals our commitment to ongoing innovation and growth. This acquisition is a great opportunity to build on our expertise, capture significant market share in this space and retain our position as the leading FX trading system provider.”
Financial terms were not disclosed.