Wall Street Systems, a provider of treasury, trading and settlement solutions, has acquired the assets of Aleri Global Banking (AGB), the wholesale banking division of Aleri. Terms of the transaction were not disclosed. The deal should be completed by the end of May and the integration is expected to be complete by the end of 2008.
The Aleri Global Banking products include Atlas, Global Banking Solutions, Continuous Link Settlement Server and Money Transfer, and will remain technically unchanged. Product names will stay the same, but will be Wall Street-branded.
All development, client services, consulting and support staff will become employees of Wall Street Systems, which also plans to form and support a Global Banking user group.
The purchase is linked with Aleri’s decision to focus on complex event processing (CEP). AGB’s cross-asset transaction management solutions account for more than $10 trillion in transactions per month and Wall Street’s banking solutions have the capability to process up to half a million transactions valued at over $2 trillion each day.
“Aleri will now be expanding its CEP business, in turn enabling Wall Street to significantly extend its presence in the global banking market.” said Don DeLoach, president and CEO of Aleri in a statement. “Additionally, they will benefit from Wall Street’s global presence, deep domain knowledge, client-centric approach and financial strength through the backing of its private equity owner, Warburg Pincus.”
Commenting on the transaction, Sean O’Dowd, senior research analyst at Financial Insights said in a statement: “The parallels between Aleri Global Banking and Wall Street Systems are clear – both count tier one banks among their client base and both have strong established track records in delivering high volume transaction processing solutions.”