Paladyne Systems has acquired Oakwood Financial Technologies, a software company providing loan management, administration, and trading solutions for participants in the loan origination and syndicated loan markets.
Speaking to Global Custodian, Paladyne CEO Sameer Shalaby explained the move: Given the increased interest from our hedge funds in the bank loan space, and the lack of any suitable solutions that address their needs at the appropriate cost structure, Paladyne decided to invest in this area.
After almost a year of exploring various options in the marketplace, Paladyne decided to proceed with the Oakwood acquisition. The technology that Oakwood built is ideal for addressing the needs of hedge funds. It was built by experts in the field in association with large bank loan hedge funds that commissioned the build. In addition, the application is built using the latest open technology and is easy to integrate with others, which made it very easy to integrate with Paladynes existing products and third-party partners, like Geneva and VPM.
Sameer stated that although Oakwood was pursued by other companies, Oakwood and Paladyne felt that, given all the synergies, this presented a perfect marriage. Additionally, several of Oakwood clients are existing Paladyne clients as well, so it further made this deal more synergistic for both of us, he said. Paladyne is continuing its focus on the bank loan marketplace and expect to be making additional announcements in the months to come.
The price of the deal was not disclosed.
Paladyne has recently opened an office in Hong Kong, appointing Eric Royer as the new Regional Director of Paladyne Asia with responsibility for managing all aspects of Paladynes Asian business operation.