Meritsoft, a privately-held financial software company based in Dublin has announced that it’s been acquired by Cognizant.
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. Meritsoft’s products are currently used by five of the world’s eight leading investment banks. Financial details of the transaction were not disclosed.
Meritsoft was recently recognized as one of the Deloitte Best Managed Companies in Ireland 2018, as well as being 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.”