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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.

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