In a press release sent to PYMNTS by Finastra, the company announced it reached a deal to acquire Olfa Soft SA, a foreign exchange (FX) eTrading platform for banks and financial institutions (FIs). The firm said the takeover will enable it to provide more robust FX trading services to its FI clients and their treasury departments.
“As the FX trading market shifts to automated, machine-to-machine electronic trading, it is crucial that we also evolve our solutions to stay ahead of industry developments and meet our customers’ needs,” said Finastra CEO Nadeem Syed. “Bringing Olfa Soft into the Finastra fold enables us to provide treasurers around the world with an innovative approach to eFX trading, which is unmatched in comprehensiveness in the market. What’s more, this is our first acquisition as Finastra and signals our commitment to ongoing innovation and growth.”
Finastra noted that it has been collaborating with Olfa Soft for several months. The company will now integrate its eFX capabilities of Finastra’s FusionCapital Treasury suite of solutions, which enables treasurers to manage FX positions in real time.
“As FX markets become more competitive with trading increasingly conducted electronically, technology has to keep up with the pace and efficiency the market demands,” added Olfa Soft Co-Founder and CEO Fabrice Benouaich. “We already know that our combined proposition works, and now we’ll be able to help treasurers take eFX trading to the next level.”
Finastra was formed when Vista Equity Partners, which owned Misys, announced it would acquire D+H and combine the two entities.
Finastra’s first acquisition follows last June’s announcement of the company’s collaboration with Rabobank, based in the Netherlands. The bank said it would deploy Finastra’s payments hub to streamline its own cross-border payments capabilities.