Cambista Technologies, a new financial software and services provider founded by the management of Brokat in the United Kingdom, Middle East and Nordic region, have announced it has concluded an agreement with Brokat AG to purchase Brokat's successful EMEA e-finance business.
The acquisition includes the majority of Brokat's interests outside Germany and Central Europe including business infrastructures, intellectual property rights to a range of banking software applications and a customer base of 20 banks across Europe and the Middle East.
Cambista will deliver a range of applications from retail banking to high-end corporate cash management. These applications will be offered on a 100 percent Java business platform known as the Cambista Financial Framework.
Cambista has secured funding from Favonius Ventures, a major new European venture capital firm, which has invested €5.1 million in Cambista. The cash injection from Favonius is supplemented by private funding from members of the management team. The total investment will meet Cambista's working capital requirements and create opportunities to expand the business.
Cambista will initially concentrate on working with partners to service the requirements of customers in the United Kingdom, Middle East and Nordic regions. It will undertake an expansion plan into new geographic markets following consolidation of existing operations.
Over the past three years the expertise of Cambista's team in applications development, project management and implementation has allowed more than 20 banks across Europe and the Middle East to offer secure online banking services on time and within budget. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
