Anglo-Dutch IT services group CMG Plc has acquired German financial software house Banksys Software GmbH for DM5.5m ($2.87m). The company will add BanksysÆ products for the trade financing and correspondent banking niche into its overall offering for the financial sector. The Neulsenburg-based acquisition generated a pre-tax profit of DM0.2m ($0.1m) on revenue of DM3.6m ($1.88m) in 1998.
CMG has been in an acquisitive mood of late. It snapped up Adit GmbH, a German services company specializing in implementing Baan Co NV’s ERP packages and CRM software from Vantive Corp (now part of PeopleSoft) in November (CI No 3,787). The previous month it had acquired French insurance sector software developer Eurasoft SA and Dutch ERP specialist ship Thijssen Information Systems.
