The acquisitive German systems integrator and software developer Heyde AG has bought the UK-based developer of front end treasury management software, Tantus Plc. Heyde said the acquisition had been carried out through a share swap with a total transaction value of 3.8m pounds ($6.05m). It added that the UK company will increase its sales prediction for this year by 7%, to DM135m ($71.1m), with its profit forecast up 13%, at DM22m ($11.6m).
Heyde said Tantus would continue to operate under its own name, though as a wholly-owned subsidiary of the German group. It added that it now intends to introduce Tantus’ Siena risk and trading management package into the German market. Heyde founder and chairman Dieter Heyde said the Tantus acquisition was made to beef up his company’s offerings in the banking sector. Siena will now be integrated into Heyde’s ‘total bank architecture’ product line.
