Eurobase International - the leading supplier of insurance underwriting software and IT services to the financial market place - has acquired the business of Tantus PLC including it's treasury dealing systems (TDS) and a new leading-edge, Java-based treasury system suitable for banks and corporates, known as Siena. As part of the change of ownership this product has been renamed ESL-Tantus.
Eurobase chairman and chief executive officer, John Wilson said: "Our present strategy is growth and diversification and this acquisition meets both criteria. It also provides current and future Tantus customers with the financial strength and infrastructure of a world leader in financial sector software and technology."
Tantus has specialised exclusively in treasury risk management and dealer support solutions since its formation in 1978. Its systems support real-time foreign exchange, derivative and money-market trading and are used in trading rooms world-wide.
Roy Hutchinson, Eurobase International commercial director, who heads the company's acquisition activity, said: "This is the first of several acquisitions we plan to make in the coming months. It is part of a strategic diversification broadening our customer and product base. We will be selling the product in the US in addition to it's current markets. The Tantus products and staff are the core of the new Eurobase Tantus Banking division."