SyMTec Announces Cerberus Acquisition

SyMTec Solutions today announced the expansion of its range of financial software solutions through the acquisition of financial messaging specialist, Cerberus Software Ltd.

LONDON, August 22nd 2002 – London based software house, SyMTec Solutions Ltd., today announced the acquisition of Cerberus Software Ltd.

Cerberus Software Ltd. is a financial software supplier, providing a broad range of business solutions, including nostro reconciliation; interface to the SWIFT network; telex and testkey.

SyMTec and Cerberus have a number of similar products and a similar customer base, making the match ideal. SyMTec’s range of business solutions for financial institutions is designed to provide customers with a competitive edge, at an affordable cost. The acquisition of the Cerberus product range simply adds further depth to the range of solutions on offer to all financial institutions.

"For many years, SyMTec and Cerberus have been competitors," said Jeremy Goddard, Managing Director at SyMTec Solutions. "This acquisition means that our software is now installed in our 150 financial institutions, in 25 countries worldwide."

"Combining the resources of both companies means that we will be able to gain significant economies of scale, as regards both the support of existing installations and the development of new products."

Goddard continued, "The most immediate effect is that we will be offering a new IP-based SWIFT interface to both sets of customers. This will provide existing customers with an efficient and seamless upgrade path, allowing them to access the enhanced facilities of the new SWIFT IP Network."

"This acquisition facilitates a broader product offering to all customers, with SyMTec’s range of Anti-Money Laundering and Straight-Through-Processing solutions, and Cerberus’ Nostro Reconciliation product, for example."

Goddard concluded, "We are delighted to have completed this acquisition and are sure that it will prove very advantageous to our staff, shareholders, and, most of all, to our customers."

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