ION Continues Shopping Spree as it Buys Financial Software Systems
ION Group has bought Financial Software Systems, a US provider of treasury management, capital market and wealth management technology, for an undisclosed sum.
The deal comes just a week after the acquisition of IT2 for ‘up to £75m’ by ION subsidiary Wall Street Systems. The deal will further enhance ION’s comprehensive holdings in the treasury management systems (TMS) arena.
Financial Software Systems serves banks, broker-dealers and fund managers around the world. Headquartered in Horsham, Pennsylvania in the US, the firm also has offices in London, San Francisco, Singapore, Mexico City, Hong Kong and Hyderabad.
Founded by Gerald Thurston and Vincent Small in 1992, the same two leaders will remain in-situ following the acquisition. According to ION Group the duo will assist the integration process.
“ION Group provides a unique opportunity to join a larger organisation with significant technology and domain expertise,” explained Thurston in a prepared statement. “We believe the combination with ION Group will significantly enhance Financial Software Systems’ ability to serve our clients worldwide.”
gtnews contributing editor and Aite analyst, Enrico Camerinelli, highlighted some concerns about ION’s corporate culture, however, in an earlier analysis piece, so the smoothness or otherwise of the integration procedure must be up for debate.