Acquisition expands Cognizant’s software-as-a-service platforms, enables Meritsoft to scale, and provides banking clients with an integrated managed services solution
Cognizant (Nasdaq: CTSH) has announced that it has acquired Meritsoft, a privately-held financial software company based in Dublin, Ireland. 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. Meritsoft’s products are currently used by five of the world’s eight leading investment banks.
Cognizant and Meritsoft have a track record of working together, meeting demand for integrated solutions that leverage the agility of Meritsoft’s FINBOS platform and Cognizant’s managed services and digital operations capabilities. Meritsoft was recently recognized as one of the Deloitte Best Managed Companies in Ireland 2018, as well as named 2018 Management Team of the Year by the British Private Equity and Venture Capital Association.
“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. 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,” said Sean Middleton, President, Cognizant Accelerator.
“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. 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,” said Kerril Burke, co-founder and CEO, Meritsoft.