Cognizant, a Teaneck, New Jersey-based IT multinational corporation, in a recent press release statement announced the acquisition of Meritsoft, a financial software firm headquartered in Dublin, Ireland. Further financial details of the deal were not disclosed.
Meritsoft is renowned for its post-trade processing platform –Finbos, an automated tax, fees, commissions, and cash flow functions management solution, between financial institutions. The Irish firm is well known in the banking sector, with five of the world’s eight leading investment banks, currently employing Meritsoft’s products. The firm also has Synova and an affiliate of 22C Capital, as its private equity investors, both of them have been with Meritsoft since 2015.
According to Sean Middleton, president, Cognizant Accelerator, Meritsoft has well-proven automation expertise in case management, payment, and settlement of claims, regulatory compliance, and tax and brokerage cash flows, which will help Cognizant to help its clients in further transforming their businesses as per the digital era.
Furthermore, Cognizant claims that the two entities have a successful track record of working together, using Meritsoft’s Finbos and Cognizant’s managed services and digital operations. This acquisition deal will further expand the IT firm’s Software-as-a-Service (SaaS) platform portfolio.
Earlier in January 2019, the New-Jersey-based IT firm announced to acquire Samlink, a Finland-based IT service management company, and as part of the deal, Cognizant was chosen by three Finnish financial institutions namely, Savings Banks Group, Oma Savings Bank, and POP Bank Group to build and operate the platform for digital transformation plans.