SaaS Firm Zafin Snaps Up Risk Analytics Company FINCAD

Software-as-a-service (SaaS) enterprise firm Zafin is acquiring global pricing and risk analytics organization FINCAD to become one of Canada’s biggest business-to-business (B2B) FinTech companies.

With the acquisition of FINCAD, Zafin boosts its portfolio and analytics capabilities and expands its global footprint to include over 450 institutional clients, more than 60 ecosystem partners, and a workforce topping 500 people across 13 global locations.

“As we look to further accelerate our global growth and enhance our end-to-end pricing and analytics offering to the marketplace, this move into the capital markets space is a key step,” Al Karim Somji, founder and group CEO of Zafin, said in a press release.

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Somji pointed to FINCAD’s performance history providing derivative analytics and pricing as well as its talented team as being a great complement to Zafin. As a combined global entity, he sees the chance to scale by “sharing deep subject-matter expertise” and sharing talent on central fronts, including pricing and analytics.

“I believe with this strategic acquisition we’re truly going to disrupt the industry and set a new standard for how institutions can partner with FinTechs like Zafin and FINCAD to deliver powerful product, pricing and advanced analytics solutions,” Somji said.

Worldwide banks, asset management firms, insurance companies and hedge funds rely on FINCAD for derivative and fixed-income pricing, modeling and risk analytics. FINCAD brings expertise in capital markets and next-gen analytics, which will position the combined entity for growth. Following the acquisition, FINCAD will operate as the Capital Markets Group of Zafin under the established FINCAD brand.

Christian Kahl, head of product strategy and client service at FINCAD, will take on the role of Interim President of Capital Markets at Zafin. Russell Goyder, currently FINCAD analytics leader and head of product development, will serve as Zafin’s chief analytics officer. Both Kahl and Goyder will report to Somji.

“Our clients will benefit from Zafin’s expertise in cloud-native platform technologies, unparalleled user experience, as well as Zafin’s impressive ecosystem. The combined offerings of Zafin and FINCAD will enable us to deliver an unmatched portfolio of services to our clients, and further positions us as global market leaders,” Kahl said.