London, April 6, 2004 – Financial Objects, a leading supplier of advanced technology banking software and services, today announced the completion of it’s acquisition of Afrocom Technologies pvt Ltd., an Indian company based in Bangalore, specializing in developing technology based around the Microsoft .net platform. This new part of Financial Objects will provide additional development and QA capabilities to the UK based activebank development group. The Afrocom operation has been renamed Financial Objects Software (India) pvt Ltd.
Peter Watts, Director responsible for the activebank division said, "This acquisition greatly enhances our competitive ability to win new development business based around our activebank technologies. Rather than outsource development to a third party, as is the industry norm, we wanted to retain the intellectual property that leaves an organization when sub-contract development takes place. Also by moving three of our brightest young managers from London into our newly acquired offices in Bangalore to manage the team and affect knowledge transfer, we believe we will be able to overcome the communication problems that so often hamper this type of initiative. Our goal is to double the size of the local team by the end of 2004 and we already have a successful recruiting program underway"
Roger Foster, Chairman of Financial Objects comments, "This acquisition now establishes a base for Financial Objects in an area already reputed to be among the top development environments in the world and gives us the competitive edge that has been recognized as commercially essential to other global organizations. I have just returned from a visit to Financial Objects Software (India) pvt Ltd. in Bangalore and was impressed by the teams’ strong educational backgrounds and their commitment to development excellence. They are a very welcome addition to our growing global presence."
Financial Objects is Headquartered in Covent Garden in London, with sales and support offices in New York, London, Luxembourg, Prague, Singapore and Hong Kong. Development centers are situated in London, Halesowen, Prague and Bangalore.
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