COR FS and Integra SP to join forces to address expanding opportunities in financial markets and beyond
London, February 6th 2006 – London-headquartered COR FS, a provider of specialist software solutions and services to over 220 financial institutions worldwide, today announced that it is has signed an agreement for technology co-development and sales co-operation with London-based Integra SP, the developer and marketer of Altio, the original real-time, thin client integration and visualisation software. The agreement has also resulted in a proposed merger of the two companies, which is subject to formal shareholder approval.
COR FS will continue to develop and promote its portfolio of proven applications to its target markets. The collaboration with Integra SP will position the company to capitalise on the shift towards composite applications and Service Oriented Architectures (SOAs) through Integra SP’s Rich Internet Application (RIA) products. Gartner Dataquest predicts that by 2010, 80% of application software growth will come from products based on composite applications and SOA frameworks.
The company will build on Altio’s well-proven capabilities within its core markets in the desktop arena to establish itself as a leader in the provision of real-time enterprise mobility data solutions to corporate customers. This represents a strategic foothold for COR FS in a high growth market, offering significant revenue opportunities in both the short and long term.
The proposed merger of COR FS and Integra SP will bring a uniquely powerful proposition to a market experiencing rapid growth. According to Gartner Dataquest, mobility is fast becoming a mainstream activity in the European market place, with over 80% of companies implementing some type of mobile system. Even with this trend, large scale mobility is still relatively rare. Due to the varying issues faced by different companies in relation to wireless and mobile technologies no systems have developed to challenge the dominance of e-mail and PIM in this market place. As this market continues to develop and new systems are developed, companies like Integra SP and COR FS are well positioned to take advantage of the growing market, and their potential merger only serves to strengthen this position.
John Donnelly, CEO of COR FS comments, “By aligning our organisation and product development priorities with the needs of our customers over the last 18 months the company has gone from strength to strength. The positive impact on our profitability has enabled us to consider strategic acquisitions such as the proposed merger with Integra SP. This presents opportunities to establish a leadership position in the provision of composite applications and real-time bi-directional access to enterprise data whether via the desktop or any wireless device including your mobile phone.”
David Ventris, co-founder of Integra SP and recently appointed CEO comments, “Both Integra SP and COR FS have outstanding product offerings and a strong reputation within the financial markets. There’s a great synergy here and the combination of an application software vendor and a leading player in the RIA market is compelling in itself. Our proposed merger offers us the opportunity to go broader and deeper within our core markets and combined customer base whilst expanding into new markets with our next generation technology.”