Cognizant has announced it has acquired Meritsoft, a privately-held financial software company based in Dublin, Ireland. Meritsoft is best known for its FINBOS platform for post-trade processing, an intelligent automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions, said a press note. Meritsoft’s products are currently used by five of the world’s eight leading investment banks. Financial details of the transaction were not disclosed.
Cognizant and Meritsoft have a track record of working together, meeting demand for integrated solutions that leverage the agility of Meritsoft’s FINBOS platform and Cognizant’s managed services and digital operations capabilities. Meritsoft was recently recognized as one of the Deloitte Best Managed Companies in Ireland 2018, as well as named 2018 Management Team of the Year by the British Private Equity and Venture Capital Association.
“Increased compliance and regulatory obligations, focus on operational efficiency, and a range of new digital technologies are among the forces that have led many of the world’s leading
financial institutions to automate processes using Meritsoft and its FINBOS platform,” said Sean Middleton, President, Cognizant Accelerator. “Banking and financial services is one of the largest industries that Cognizant serves. Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage
cash flows to help our clients in transforming their businesses for the digital era.”
“By becoming part of Cognizant, Meritsoft will have access to Cognizant’s knowledge, resources and scale to accelerate growth as we continue to innovate on the FINBOS platform for
post-trade solutions,” said Kerril Burke, co-founder and CEO, Meritsoft.