24 August 2017
visit www.avoka.com

724 acquires mobile banking rival Tantau

30 November 2000  |  3153 views  |  0 mobile user

Canada's 724 solutions is to acquire m-commerce rival Tantau in an all-stock transaction currently valued at $375 million.

Upon completion of the transaction, 724 Solutions shareholders will own approximately 68 percent of the combined company and Tantau shareholders the remaining 32 percent. The transaction is expected to close during the first quarter of 2001.

Founded by a core team from Tandem's High Performance Research Centre with experience in building high-scale mission critical transaction based systems, Tantau Software is a privately held company which enables enterprises to conduct high volume, secure mobile transactions. Tantau's current customers are primarily blue chip financial services institutions, including Chase Manhattan Bank, Commerzbank, Credit Suisse Group, MeritaNordbanken, the New Zealand Stock Exchange, Rabobank International, and SE Banken.

Headquartered in Austin, Texas, the company has a total of 175 employees in sales and development offices throughout Europe, the United States, Australia, and Japan, with significant engineering operations in Germany, Switzerland and Finland. Investors in Tantau include Compaq, Chase Capital Partners and General Motors Investment Management.

724 Solutions says the acquistion will enhance its position as a global provider of scalable infrastructure and application software for secure mobile transactions. Tantau's established presence in Europe complements 724 Solutions' strong customer base in North America, which includes BBVA Bancomer, Bank of America, Bank of Montreal, ClarityBank.com, Citigroup, Hanvit Bank, KeyCorp, Wachovia and Wells Fargo. The companies' combined customers serve approximately 272 million consumers worldwide.

Greg Wolfond, founder, current chairman and chief executive officer of 724 Solutions, will continue as chairman of the company. Tantau co-founder, president and chief executive officer John Sims will serve as CEO of the combined enterprise.

"With very little overlap between our companies, we expect a seamless integration," says Sims.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

724 makes Asian breakthrough with Hanvit Bank

724 makes Asian breakthrough with Hanvit Bank

23 November 2000  |  2771 views  |  0 comments
Chase selects Tantau for m-commerce roll out

Chase selects Tantau for m-commerce roll out

02 November 2000  |  2621 views  |  0 comments
BMO ports m-commerce system to Sun Solaris

BMO ports m-commerce system to Sun Solaris

31 October 2000  |  2916 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comdownload the paper now

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
21595 views comments | 45 tweets | 89 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12124 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11568 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11315 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10932 views 0 | 7 tweets | 1 linkedin