Fundtech Completes Merger with GTCR Affiliate
Fundtech has completed the merger with Israeli Mergerco, an indirect, wholly-owned subsidiary of US FT Parent, both of which were formed by GTCR Fund X/A or its affiliates, following satisfaction of the conditions to closing, including approval of the company’s shareholders.
The consolidated organisation, which combines Fundtech with GTCR-affiliated BankServ, will have expanded product lines in wholesale banking and will add significantly to Fundtech’s line of small-to-medium business products. The combination also brings together Fundtech’s experience as supplier of advanced software technology to large financial institutions with BankServ’s experience as a provider of SaaS to community and regional banks.
“The future of payments technology revolves around the more demanding digital customer,” said Nancy Atkinson, senior analyst, Aite Group. “Fundtech and BankServ’s union will offer customers a wide spectrum of cutting edge payments solutions. This ranges from a robust SOA platform for larger firms striving to revamp legacy technology all the way to SaaS [software-as-a-service] applications for smaller firms to drive innovation while maintaining cost efficiency.”
The combined company has estimated 2011 revenues of US$200m and 1,300 employees who are active in every region of the world.