The acquisition takes the COR Group's turnover to a projected Â£10 million in the coming year, with operations centres across three continents and a significant presence in the American marketplace.
The expanded division will bring together the products of the ABS Group with COR's existing internet banking solutions product range. The combined entity will boast one of the most impressive ranges of banking software products and services under one roof, from the very latest Java-based internet banking technology at one end through to business critical back office systems at the other.
The ABS products which COR has acquired are used by 150 banking organisations across North America, Europe and Asia, including JP Morgan Chase, ING Barings, State Street Bank, Comerica Bank, FleetBoston Financial and BNP Paribas.
The COR Group board, headed by Chairman and CEO Steve Osborne, took the decision to expand the company's banking division in line with the growing global market for banking software. In a recent survey, Gartner Dataquest research group predicted that Software and IT services will be the fastest growing components of financial services IT spending from 2000 to 2005, with a five-year compound annual growth rate of 13.3 percent and 11 per cent, respectively.
COR believes that clients will see tremendous synergy between ABS' banking software, Abraxsys, and the leading-edge Java-based internet banking software already developed by its internet banking solutions division. Earlier this year, COR unveiled a 'world first' Internet banking platform built from its Financial Services Framework that enables banks to rapidly deliver services to different customer segments over the Internet and other channels. The Internet banking product range offers pre-built components and tailored applications that provide a full end-to-end service, using Java (J2EE) technology.
Trevor Fromant, the new Managing Director of COR Intelligent Banking Solutions, said "COR will now be able to provide banks with a comprehensive set of banking software solutions, including powerful internet-based services which are undoubtedly the future for corporate and retail banking. It's a proposition which very few of our competitors can match."
COR has recently raised over Â£7 million in private equity to fund acquisitions and further organic growth. As well as COR-IBS, the company has two other divisions: COR Investment Solutions (COR-IS), which provides software, integration and consultancy services to the retail investment industry and COR Risk Solutions (COR-RS), which provides risk analytics and quantitative portfolio management software to asset managers, hedge funds and brokers.
Steve Osborne, COR Chairman and CEO, said "We are implementing a strategic plan to become one of Europe's leading software and services companies for the global financial services industry. Our acquisition of the ABS Group's product set is another step along that path, and gives us a significant presence in the American marketplace."
COR-IBS will be exhibiting its range of banking software solutions at SIBOS (stand F233) in Geneva from September 30th to October 4th
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