View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
April 3, 2005

Financial Objects pays $10.6m for WMS

Banking software provider Financial Objects is paying GBP 5.6m ($10.6m) for Wealth Management Software (WMS) in a merger that brings together two of the more unsuccessful players in the financial software market.

By CBR Staff Writer

Nonetheless, Financial Objects believes that the all share deal will be earnings enhancing with the first year of ownership and points to cross-selling opportunities, a GBP 500,000 ($948,150) annual saving by the closure of WMS’ head office and the use by WMS of Financial Objects Bangalore development center.

Financial Objects, which trimmed back its loss to GBP 45,000 ($85,243) on revenue 9.5% lower at GBP 9.5m ($18m) in the year to December 31, is taking over a company that recorded a net loss of GBP 277,000 ($524,720) on revenue 17.3% lower at GBP 6m ($11.4m).

However, WMS has been acquisitive and has added document management to its product portfolio. With the squeeze that financial companies have put on their suppliers such mergers will become increasingly commonplace.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.