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Back to all Dion Global Solutions announcements

RIVA FINANCIAL SYSTEMS sells majority stake to Swissrisk AG

Isle of Man – May 5, 2006 – Riva Financial Systems, creators of the Riva Transfer Agent solution suite, announces the sale of a majority shareholding to Swissrisk Financial Systems, a European provider of financial services software specialising in Asset Management, Wealth Management, Trading, and Payments, with offices in Frankfurt, London, Luxembourg, Madrid and Zurich.

The transaction enhances Riva’s ability to deliver their solutions by leveraging Swissrisk’s organisation, technologies and services. Swissrisk increases the reach of Riva’s solution suite with market presence and complementary systems. The joint approach will ensure delivery of integrated, rapid time-to-market solutions.

"This agreement accelerates Riva’s vision and capacity to offer a fresh alternative in the Transfer Agency solutions marketplace. Customers can now operate in multiple jurisdictions on a single platform purpose built for the complexities of the European marketplace,” said David Ball, Riva Director. “Riva TA becomes even stronger when deployed with X-Gen, Swissrisk’s connectivity product. With Swissrisk, we have a partner that understands our business. Our joined technology and business experience enables breakthroughs in cost-efficiency and effectiveness for our customers.”

Peter Marshall, Swissrisk CEO, states: "We are excited about Riva TA and the Riva TA professionals joining Swissrisk. They have vision and drive and a product that fits a critical gap in the market: a pan-European platform that covers traditional and hedge funds, funds distribution and manufacturing – with outstanding cash reconciliation, foreign exchange and G/L capabilities."

Swissrisk will add senior executives to the Riva board, including CEO Marshall. Riva will continue to operate from its offices in Isle of Man and Luxembourg, under the Riva brand.

Barrington Partners represented Riva in this transaction.