COR Financial Solutions has acquired the products of London-based treasury software house ABS Group for an undisclosed sum.
Chief among the eight or so packages in the ABS protfolio is the Abraxsys wholesale banking system, installed at some 50 banks worldwide. Other applications include ProfitMaster Pro, Paragon, Spar, TBA Trader and Vision. In total, ABS' products are used by 150 financial organisations across North America, Europe and Asia, including JPMorgan Chase, ING Barings, State Street Bank, Comerica Bank, FleetBoston Financial and BNP Paribas.
The ABS range will be added to COR's Intellgient Banking Solutions division, which incorporates the J2EE-based Internet banking system developed by IBS-GLobal, also acquired by Cor in September last year.
Steve Osborn, COR chairman and CEO says the acquisition is part of a strategic plan to become one of Europe's leading software companies for the financial services industry. "Our acquisition of the ABS Group's product set is another step along that path, and gives us a signifcant presence in the American marketplace."
COR has recently raised £7 million in private equity to fund acquisitions and further organic growth.
The latest acquisition takes the Group’s turnover to a projected £10 million in the coming year.