UK-based Eurobase International, a supplier of insurance underwriting software and IT services, has acquired European treasury risk management solutions vendor Tantus, in a bid to widen its customer and product base. Financial terms were not disclosed.
Under the deal, Eurobase will acquire Tantus' treasury dealing systems (TDS) and its new Siena Java-based treasury system for banks and corporates. As part of the change of ownership this product will be renamed ESL-Tantus.
Roy Hutchinson, Eurobase International commercial director, who heads the company's acquisition activity, says: "This is the first of several acquisitions we plan to make in the coming months. It is part of a strategic diversification broadening our customer and product base. We will be selling the product in the US in addition to it's current markets."
"The Tantus products and staff are the core of the new Eurobase Tantus Banking division," he adds.