LONDON, April 10th 2003: COR Financial Solutions, a leading provider of software for banking, securities and asset management, has acquired the assets of London-based international STP software firm 110 Limited.
The assets of 110 Limited including the market-leading "Salerio e2e STP solution" have been acquired by COR Financial Solutions Limited, a leading global software provider of business and risk management solutions to support banking, securities trading and asset management operations.
The Salerio e2e STP solution is currently used by 25 leading asset management and outsourcing organisations across North America, Europe and Asia, including Capital International, Credit Lyonnais Asset Management, Insight Investments (HBOS) and DIAM International.
The board of the COR Group, headed by chairman Steve Osborne, took the decision to acquire the business to further the strategic plan and vision and in response to a growing global demand for proven STP solutions.
Trevor Fromant, the managing director of the COR Group, said: "COR will now be able to provide customers with a complete end-to-end STP solution as well as automating individual parts of the asset and treasury management process. There are a significant number of existing COR clients that will benefit from the Salerio e2e product range"
Chris Brooke, COR Group business development director, said: "Our acquisition of the assets of 110 Limited is another step along the path to fulfil our vision of becoming one of the leading software and services company for the global financial services industry. It builds on our significant presence in the American and European marketplaces."
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