Software AG, a provider of business infrastructure software, has acquired Teconomic, a Switzerland-based provider of IT consulting services to the European financial sector focusing on SWIFT services, in an all cash deal.
Software AG said that the financial services sector is its main market, specifically for the optimisation and integration of business processes on the basis of SOA. Through the acquisition of Teconomic, it plans to strengthen its position in the SWIFT market and expand business activities in Switzerland.
The combination of Teconomic’s expertise and Software AG’s business process technology is expected to enable financial institutions address: multiple national regulatory changes, continued market consolidation and improved risk management.
Ivo Totev, executive board member responsible for global consulting services at Software AG, said: “The acquisition of Teconomic will have a significant impact on our business in Switzerland and our market share of SWIFT projects world-wide. Leveraging our new skills base we are targeting a top 3 position for Software AG in providing SWIFT based IT services and software solution globally.”
