Cognizant announced the acquisition of Meritsoft, a financial software company in Dublin, Ireland.
Cognizant reported revenue of $4.13 billion (+7.9 percent) in Q4 and $16.13 billion (+8.5 percent) in 2018.
Cognizant’s Banking and Financial Services business achieved slower growth at 2.8 percent, driven by softness at a few of its largest banking clients. Two of top five banking clients shown good growth going into 2019, while spend at the other three clients remained under pressure.
Meritsoft supplies its FINBOS platform for post-trade processing, an intelligent automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions. Five of the world’s eight leading investment banks use Meritsoft’s products.
Sean Middleton, president, Cognizant Accelerator, said: “Meritsoft brings automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era.”
Meritsoft private equity investors were Synova and an affiliate of 22C Capital. Both have been working with Meritsoft management since 2015. Kerril Burke is the co-founder and CEO of Meritsoft.