Fundtech Acquires Synergy Financial Systems -- Expanding SWIFT Business into the U.K.
Fundtech is now the world's largest SWIFT service bureau provider.
JERSEY CITY, N.J., Oct 08, 2008 (BUSINESS WIRE) -- Fundtech Ltd. (NASDAQ: FNDT), a market
leader in global transaction banking solutions, today announced the acquisition of Synergy Financial Systems Ltd.,
through its Swiss subsidiary BBP, making it the world's largest SWIFT service bureau operator based on
transaction volume, with a client base of over 200 financial institutions.
Synergy is a leading U.K. provider of SWIFT services located in London and Nottingham, England. BBP will
integrate Synergy into its business unit, and will continue to operate both companies' service bureau facilities,
adding capacity and operational resilience. In addition to SWIFT connectivity services, both companies offer a
variety of SWIFT-related products and services that can be cross-sold to the newly combined client base.
Under the terms of the definitive agreement, BBP will pay GBP2.5 million GBP in cash at the closing and an
additional amount of up to GBP1.1 million GBP in cash to be paid over the next three years, based on the
financial performance of Synergy.
Fundtech plans to offer other transaction services through the U.K. service bureau, including SEPA payments
and SWIFTNet solutions. This follows Fundtech's recent introduction of PAYplus ServiceBureau, which is the
first fully outsourced SWIFTReady global payments platform combined with SWIFT services.
Commenting on the acquisition, Reuven Ben Menachem, CEO of Fundtech said: "The acquisition of Synergy
offers Fundtech a unique opportunity to leverage its products and services across an expanded client base.
SWIFT services and recurring revenue are important elements of Fundtech's growth strategy. We welcome
Synergy's employees and clients into the Fundtech family and look forward to our mutual success."