COMIT, a Swisscom Company, has acquired International Financial Business Solutions (IFBS AG), a leading Securities Finance and Collateral Management software application provider
COMIT, a wholly owned subsidiary of Swisscom, the USD 8 billion telecom and technology giant, has agreed to acquire International Financial Business Solutions (IFBS AG) and its leading Securities Lending, Repo and OTC Derivatives Collateral Management suite of solutions, FINACE®. Swisscom has over 17,000 staff worldwide with 500 consultants in the COMIT subsidiary dedicated to banking and securities industry clients in Europe and Asia, with offices in many European Capitals and in Singapore.
Felix Oegerli, CEO of IFBS said, “Through our acquisition by COMIT, we are able to access a more powerful distribution system, are closer to our clients and are able to rapidly scale up for project delivery. The size and quality of our parent, Swisscom, will also augment our value in the vendor risk assessments of our future clients. This is clearly more than a medium term financial and support services strategy for IFBS, but is an important milestone towards our long term strategic goal to become the market leader in Securities Finance and Collateral Management IT”.
Urs Buner, CEO of COMIT added, “Securities Finance and Collateral Management is increasingly becoming a strategic business line for financial institutions. We are excited that we are now a major factor in this market, and give FINACE® our full support to achieve its ambitious goal to lead the market”.
COMIT will offer Securities Finance and Collateral Management customers an end-to-end implementation and on-going service and support. The company will provide comprehensive business and technology project management that will ensure the success of FINACE®’s global implementations. FINACE® is the unique fully integrated solution that supports the future business model within all Securities Finance and Collateral Management products. The architecture of FINACE® is based on a stable, leading edge technology platform that empowers customers to manage complex, scalable business-critical functionality. With flexibility at its core, customer-driven extensions and modifications can be quickly and easily applied to the standard component set.
FINACE® supports the following business areas: Securities Lending, Repo, Synthetics and OTC Derivatives Collateral Management, enabling customers to adapt a more integrated approach and organizational view of business operations.