Cognizant purchases Dublin-based FinTech innovator Meritsoft

International consultancy Cognizant has announced it has acquired FinTech innovation firm Meritsoft, for an undisclosed fee. The Dublin-based firm specialises in RegTech, tax, post-trade and data analytics solutions, and has worked for a number of the world’s premier capital market institutions.

With digitalisation becoming ever more important for businesses looking to future-proof their operations, it has also become a trend which the consulting industry cannot afford to miss out on. With the demand from clients for help with digital innovation already booming, consulting firm Cognizant has made a concerted effort in recent months to bolster its offering in the area.

In Summer 2018, the firm completed the acquisition of SaaSfocus, which was aimed at bolstering Cognizant’s SaaS and Salesforce offerings, as the firm bids to expand its client base in the sector. Then, months later, the firm joined a partnership of businesses looking to improve data literacy among the UK’s workforce. Now, Cognizant has continued this drive to support innovation in 2019 with its latest acquisition.

Meritsoft is a financial software company headquartered in Dublin, Ireland. The firm is best known for post-trade processing, using automation to manage taxes, fees, commissions, and cash flow functions between financial institutions. Its products are currently used by five of the world’s eight leading investment banks. The company was recently recognised as one of the Deloitte Best Managed Companies in Ireland 2018, and was also named 2018 Management Team of the Year by the British Private Equity and Venture Capital Association.

Cognizant and Meritsoft have a track record of working together, meeting demand for integrated solutions that leverage the agility of Meritsoft’s FINBOS platform and Cognizant’s managed services and digital operations capabilities. As is often the case for firms of varying sizes which work together, a formal union of the companies became good business sense for both parties. By becoming part of Cognizant, Meritsoft will have access to the company’s knowledge, resources and scale to accelerate growth as the two continue to innovate on the FINBOS platform for post-trade solutions.

Sean Middleton, President of Cognizant Accelerator, commented, “Increased compliance and regulatory obligations, focus on operational efficiency, and a range of new digital technologies are among the forces that have led many of the world’s leading financial institutions to automate processes using Meritsoft and its FINBOS platform. Banking and financial services is one of the largest industries that Cognizant serves.  Meritsoft brings proven 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.”

Kerril Burke, Co-Founder and CEO of Meritsoft, added, “It is a complementary match, coupling Cognizant’s industry platforms and solutions expertise, and Meritsoft’s advanced automation technologies. We will provide a powerful integrated offering to capital markets institutions who are seeking to control costs, meet regulatory requirements and maintain liquidity… This acquisition underscores our strategy for acquiring and developing unique and powerful software products that address critical vertical industry requirements, especially when combined with our digital operations capabilities.”