Cor Intelligent Banking Solutions (Cor-IBS) has acquired the assets of Bancmetrics, a US-based application service provider (ASP) of portfolio accounting services. Financial terms of the agreement were not disclosed.
Cor-IBS says the Bancmetrics service is currently used by a number of US institutions, including Duncan-Williams, BOSC and Bank Investment Group.
As part of the acquisition Cor-IBS has migrated the Bancmetrics customer base and service onto its portfolio accounting product, Paragon.
The new unit will operate as a separate ASP solutions business under the Cor-IBS division. The vendor says the acquisition will enhance its presence in the US through Bancmetrics' offices in California.
Trevor Fromant, managing director, Cor Group, says: "Cor will now be able to provide customers with a wide range of portfolio accounting options from in house deployment through to ASP.
"We will be looking to expand the range of ASP services on offer over the next few months to include other related business functionality."