SimCorp Acquires BA Swallow Business Systems
An agreement has been reached between SimCorp and Bank of America to acquire BA Swallow Business Systems. Swallow, a pioneer in treasury management systems and supplier to IT/2 has been supplying systems to the corporate treasury market since 1983. Bank of America decided to sell Swallow following a strategic internal review, which concluded that product development activities within Swallow could be more appropriately undertaken by a specialist financial software development company. For SimCorp the acquisition of Swallow will significantly increase its share of the treasury management systems market. Internationally, the transaction creates a critical mass for SimCorp in markets that it already serves, including Europe and the Middle East. Furthermore the transaction opens new international markets in North America and South East Asia.