Our free roundup also covers RIMES buying EBR Analytics, Bloomberg and Lombard Odier Investment Managers, Gresham’s new sales director, and Transcend’s Series A efforts.
Sale Underscores Deutsche Bank’s Transformation
Deutsche Bank is selling Postbank Systems AG to outsourcing giant Tata Consultancy Services (TCS), a key milestone in the bank’s efforts to streamline operations and transform itself.
“Under the terms of the transaction, TCS will acquire 100 percent of the shares of Postbank Systems AG from Deutsche Bank AG,” according to an official statement. “Postbank Systems and its around 1,500 employees will become part of TCS. The sale represents an important step forward for Deutsche Bank’s announced strategic transformation.”
The sale is part of the German bank’s move to a single technology organization and an IT consolidation that will merge the retail banking brand Postbank into the Deutsche Bank platform,” says Bernd Leukert, chief technology, data and innovation officer for Deutsche Bank, in a prepared statement.
“TCS is already a trusted IT services partner for Deutsche Bank and this strengthens our relationship further. We are confident that TCS is the ideal owner for Postbank Systems,” Leukert says. “With this transaction, we have agreed a structure that serves all parties’ interests. It provides clarity to Postbank Systems staff and gives them the opportunity to become part of the success and growth story of TCS.”
TCS is deepening its long partnership with Deutsche Bank, and is helping the bank accelerate a digital transformation,” says N G Subramaniam, chief operating officer (COO) and executive director for TCS, in a statement. TCS provides IT services, consulting and business solutions and has more than 453,000 consultants in 46 countries.
The Postbank sale “will not affect Deutsche Bank’s plans nor disrupt its schedule for modernizing its IT platform,” bank officials say.
The transaction will be subject to the bank and the vendor finalizing further agreements, slated for completeion by the end of this year. Also, the transaction will abide by regulatory and governmental approvals.
Financial details about the sale were not disclosed.
RIMES Technologies Acquires EBR Analytics
RIMES Technologies Corp. (RIMES) has acquired regulatory technology vendor EBR Analytics (EBR), a move that will help RIMES provide solutions to meet the regulatory needs among its clients.
London-based EBR Analytics will become an offering of the suite of the RIMES RegFocus Benchmarks Regulation (BMR) Solutions, officials say.
“Following the transaction, the EBR brand will fold into RIMES. The EBR team will continue to operate under RIMES’ leadership,” according to a RIMES statement.
RIMES and EBR Analytics officials decline to release financial details about the acquisition.
Lombard Odier Group Adopts Bloomberg Platform
Bloomberg reports that Lombard Odier Investment Managers, the asset management business of the Lombard Odier Group, has adopted its PORT Enterprise system for “portfolio and risk management across multiple assets classes.”
Lombard Odier Investment Managers is a “long-standing client of Bloomberg’s order management system,” the Bloomberg statement notes.
Lombard Odier “decided to expand its use of [Bloomberg’s] PORT Enterprise to include equity portfolio attribution calculation and thus unify portfolio and order management across its equity and fixed income asset management business, using Bloomberg’s comprehensive Buy-Side solutions,” the statement adds.
Lombard Odier “also uses the Bloomberg Barclays fixed income indices as official benchmarks for multiple strategies,” according to the statement.
Lombard Odier Investment Managers has been wholly owned and funded by its partners since its establishment, per the Bloomberg statement.
Gresham Names Sales Director for Asia-Pacific
Gresham Technologies, a reconciliation and financial technology specialist vendor, has appointed Joel Jerome as director of sales for Asia-Pacific (APAC). The vendor’s intention is to grow its regional footprint, Gresham says in a statement about the appointment.
Jerome “will be responsible for driving Gresham’s commercial strategy and enabling legacy technology replacement and data migration projects,” officials say.
He joins with 18 years of experience leading treasury and capital markets digital transformation projects at global financial technology providers, including Finastra, OpenLink Financial (OLF), and ITC Infotech, per Gresham.
Transcend Raises $10M in Series A Financing
Transcend, which characterizes itself as a specialist in “business optimization for financial firms,” reports that it has closed its Series A financing, “limiting the raise to $10 million after over-subscription by potential investors.”
The financing round was led by Nyca Partners, a fintech venture-capital firm, with support from a major global custodian bank, which was not named.
“Proceeds will be used to rapidly scale product and sales infrastructure to meet growing demand from Transcend’s client base, which has more than doubled in the past two years to include 10 of the world’s largest banks and brokerage firms,” per the statement.
“Our investors and clients share our vision for industry transformation,” Bimal Kadikar, CEO of Transcend, says in a prepared statement. “This investment will enable us to accelerate our global ambition and target our solutions across a range of sell-side and buy-side stakeholders.”
Transcend was formed in 2013 and reports that it has “more than 75 employees globally” and offers a “user-friendly, SaaS-based [software as a service] or on-prem collateral and liquidity management platform.”