Nasdaq-listed IT services major Cognizant has announced the acquisition of Irish financial software firm Meritsoft. For an undisclosed amount to expand its software-as-a-service (SaaS) offerings.
Cognizant said in a statement that Dublin-based Meritsoft is known for its FINBOS platform. A post-trade processing tool that manages taxes, fees, commissions and cash flow between financial institutions. Five of the world’s top eight investment banks use Meritsoft’s solutions, it added.
Cognizant and Meritsoft had already been working together through a solution that integrated FINBOS and Cognizant’s digital operations and managed service offerings.
Middleton further said that Meritsoft brings automation expertise in case management, regulatory compliance and payment and settlement of claims, among other services, which would help Cognizant’s clients in transforming businesses for the digital era.
Kerril Burke, co-founder and chief executive officer of Meritsoft, said that the acquisition would couple Cognizant’s platform and solution expertise with Meritsoft’s automation technology.