Expertus Technologies Inc., a pioneer in cloud solutions for the financial industry, has been acquired by IBM. The Montreal-based fintech company will strengthen IBM’s portfolio as an end-to-end digital payments solution provider and further advances IBM's hybrid cloud and AI strategy.
The Canadian company has quite a formidable presence in the fintech space as its payments platform processes an average of over $50 billion every day. It is also one of the largest North American services bureaus of the Society for Worldwide Interbank Financial Transactions (SWIFT).
“Expertus built an efficient and trusted financial services enterprise, that in many ways, was ahead of its time,” said Jacques Leblanc, CEO and founder of Expertus. “Together with IBM, we now can offer businesses worldwide the benefits and security of seamless end-to-end financial transactions.”
The acquisition gives IBM significant consulting experience to address the most pressing payment modernization challenges of financial institutions, which are part of the more than $100 billion consulting and business process services opportunity in banking and financial markets1 over the next few years.
IBM has been improving its finance industry depth and ability through some complex integrations. Last month, the company acquired SAP consulting partner TruQua, which bolstered IBM Global Business Services' cloud application modernization and finance transformation expertise.