Gresham Technologies, a financial data platform, has acquired payments provider B2 Group for an undisclosed amount.
Through the acquisition, B2 will add cash management and payments integration solutions to Gresham’s product portfolio. As part of the transaction. B2’s senior leadership and staff will join Gresham and will operate under a new unit Gresham Cash Management Solutions.
B2’s Luxembourg office will be a Central European hub for Gresham to drive its growth.
Other benefits of the deal include 15 new customers (corporates, banks, insurers, and asset managers) to Gresham’s customer base, a larger continental Europe footprint, and support for the existing accounts receivables management and transaction control divisions.
B2 is a bank-to-corporate integration solution and cash management software provider. The platform connects asset managers and corporates with their banks to provide them with real-time visibility of funds, control over outgoing payments, and automated invoice processing.
London-based Gresham is a data integrity platform that provides organisations with financial controls, risk tools, data management and regulatory compliance software. The platform aims to give a wholistic financial control to enterprises.
The platform helps businesses to keep compliant with MiFID II, FINRA, OATS, LOPR and SMR, through the use of tools that can automatically verify data and gives users real-time visibility and reporting.
Gresham CEO Ian Manocha said, “We’re delighted to be announcing today’s acquisition of B2 Group. This exciting combination creates an industry leader in multi-bank integration and control solutions for corporates, banks, insurers and asset managers, it strengthens our cloud capabilities and gives us a platform to further accelerate our growth.”
There have been a series of higher value acquisitions in the payments space this year. Earlier in the year, PayPal made a $2.2bn acquisition of POS developer iZettle, while European payments company Worldline bought SIX Payment Services for €2bn.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
