Mergers and Acquistions News
Categories: Software
September 28th 2009, 16:52PM
Portfolio management software provider Financial Software Systems (FSS) has announced the acquisition of Spot Systems, a leading provider of foreign exchange management software and services.
While financial details of the deal were not disclosed, the acquisition is hoped to strengthen FSS's presence in the US and further expand its product offerings.
"The combination of Financial Software Systems and Spot will provide many opportunities for Spot customers to expand their treasury capabilities beyond FX settlements and accounting," commented Gerald Thurston, president of FSS.
Fred Goldman, chief executive officer of Spot, added that the combination provides its customers with a "clear upgrade path" to expanded treasury operations.
FSS's Spectrum Treasury System provides front, middle and back-office processing along with a suite of internet portals and web publishing capabilities.
Last month, the firm announced that Standard Chartered Bank's consumer banking and wealth management group had implemented FSS's Spectrum Private Banking solution.
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