AIM Software, the leading provider of data management products to the financial industry, announced today that it has reached an agreement to acquire US-based Joss Technology, an innovative solutions provider tackling the growing volume and complexity of information related to legal entities.
Located in New York City,Joss Technology is the producer of EDMS, the Entity Data Management System that leverages fuzzy logic algorithm and an intuitive user interface to help financial firms ensure compliance, reduce risk and cut costs through greater operational efficiency.
Upon completion of the transaction, Joss Technology will operate as part of AIM Software North America. The addition of Joss Technology will further extend AIM Software's GAIN platform and will add a new business application focused on data related to entities such as counterparties, clients/accounts, and issuers. AIM Software already offers out-of-the-box solutions for reference data, securities, portfolio pricing and corporate actions processing. With this acquisition, AIM Software will offer the most comprehensive suite of business applications in data management.
Martin Buchberger, CEO of AIM Software, stated: "AIM Software's strategy is to deliver the most innovative business applications to meet our clients' data needs for efficient data operations. Joss Technology brings impressive expertise, strong intellectual capital and a user focus that is consistent with AIM Software's culture. Given the unprecedented interest in the legal entity data area, we are excited by the opportunity to expand our offering for our large customer base, as a result of Joss joining us".
Olivier Schlatter, co-founder of Joss Technology comments: "We are delighted to be joining a global leader in the data management industry. This union was the next logical step for Joss Technology. We share a passion for innovation and for delivering the best products for our clients. AIM Software has a unique approach with a portfolio of applications that perfectly matches the current needs of financial institutions, especially with the addition of our entity master. "
Josef Sommeregger, Global Head of Sales of AIM Software, states: "This new acquisition is part of a larger strategy to expand the array of business applications our clients can choose from. This will further improve our business growth and we are pleased to welcome Joss Technology customers to the AIM Software user community."
AIM has recently received the prestigious award for "Best EDM Platform for Portfolio Pricing & Valuations" at the Data Management Summit (DMS) 2014 in London and works very closely with its user community to actively shape the next wave of enterprise data management applications.
"Based on the feedback from our large customer pool, we embarked on the next evolutionary step in enterprise data management with ready-to-use business applications using our GAIN platform. Joss Technology very well complements AIM Software's product line," concludes Sommeregger.
The terms of the transactions were not disclosed. The transaction is subject to standard regulatory approvals.