IT major company which is listed on NASDAQ has said that the Dublin based financial company of Ireland has been acquired by Cognizant. The financial details about the acquisition are not disclosed, and the company will expand its SaaS (software-as-a-service) model.
Merisoft is situated in Dublin and provides solutions to a post-trade processing tool, intelligent automation solutions for controlling taxes; it is a privately held financial software company of Ireland. The company is popularly known for its FINBOS platform. It offers commissions and cash flow functions within financial institutions.
The products of Fintech software firm are mostly used by clients of world’s five dominant investment banks out of 8. Merisoft and Cognizant were working together via a solution that helped for the integration of FINBOS and digital functions of Cognizant and even controlled service models.
Cognizant Accelerator President, Sean Middleton stated that banking and financial services are one of the largest industries that Cognizant serves. Because of regulatory duties and growing performance, to meet operational productiveness and due to wide options of new digital technologies are some of the reasons which have made most of the leading financial institutions of the world to automate their processes by using Merisoft and its respective FINBOS platform, he added.
He further added that Merisoft platform brings knowledge of automation in case management, payment, regulatory compliance and to settle claims and also in various services that will help the clients of Cognizant to transform their business into the digital revolution.
Merisoft was mostly funded by Synova private equity investors and 22 Capital. Merisoft by collaborating with Cognizant will be able to access the knowledge of the company, resources and will also help to measure the growth as it continues to develop innovations on its FINBOS tool basically for post-trade solutions, CEO and Co-founder of Merisoft Kerril Burke mentioned.
He further stated that Merisoft would be offering a strong integrated tool especially to institutions of capital markets that are looking out for tools to manage costs, to satisfy their regulatory needs and to keep their liquidity.
This is the first deal of Cognizant in 2019. Earlier, in 2018, it had acquired five firms namely, a content firm such as digital transformation consultant SaaSfocus, Mustache, Advanced Technology Group (AGT), a revenue management consulting firm, Bolder Healthcare Solutions which is a US-based firm and Hedera Consulting a data analytics company.
Cognizant headquarters is in New Jersey and the development operations of the company in India, widely in Chennai. Cognizant has said that Francisco D’souza who is serving as the CEO of the company from 2007 will be resigning from the post to become the executive vice chairman of the company, while Brian Humphries who is the current CEO of Vodafone Business will take over D’Souza as the new CEO of Cognizant.