The Irish privately-held financial software company Meritsoft has been acquired by Cognizant, the professional services company.
Meritsoft is best known for its FINBOS platform for post-trade processing, an intelligent automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions. Its products are currently in use by five of the world’s leading investment banks. The company was recently recognised as one of the Deloitte Best Managed Companies in Ireland 2018, as well as being named 2018 Management Team of the Year by the British Private Equity and Venture Capital Association.
“By becoming part of Cognizant, Meritsoft will have access to Cognizant’s knowledge, resources and scale to accelerate growth as we continue to innovate on the FINBOS platform for post-trade solutions,” said Kerril Burke, co-founder and CEO, Meritsoft. “It is a complementary match, coupling Cognizant’s industry platforms and solutions expertise, and Meritsoft’s advanced automation technologies. We will provide a powerful integrated offering to capital markets institutions who are seeking to control costs, meet regulatory requirements and maintain liquidity.”
“Increased compliance and regulatory obligations, focus on operational efficiency, and a range of new digital technologies are among the forces that have led many of the world’s leading financial institutions to automate processes using Meritsoft and its FINBOS platform,” said Sean Middleton, president, Cognizant Accelerator. “Banking and financial services is one of the largest industries that Cognizant serves. Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era.”
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