COMIT, a company owned by Swisscom, has acquired International Financial Business Solutions (IFBS), a leading securities finance and collateral management software application provider.
COMIT says it will use IFBS’ sFINACE set of securities lending, repo and collateral management applications for its banking and securities financing clients. “Through our acquisition by COMIT, we are able to access a more powerful distribution system, are closer to our clients and are able to rapidly scale up for project delivery. The size and quality of our parent, Swisscom, will also augment our value in the vendor risk assessments of our future clients. This is clearly more than a medium term financial and support services strategy for IFBS, but is an important milestone towards our long term strategic goal to become the market leader in Securities Finance and Collateral Management IT,” says Felix Oegerli, CEO of IFBS.
Urs Buner, CEO of COMIT adds that securities finance and collateral management is increasingly becoming a strategic business line for financial institutions. “We are excited that we are now a major factor in this market, and give FINACE our full support to achieve its ambitious goal to lead the market,” he says.
COMIT will offer securities finance and collateral management customers implementation, plus business support and technology project management .
FINACE supports securities lending, repo, synthetics and OTC derivatives collateral management.
IFBS was founded in August 1999 by senior securities finance and collateral management market specialists with the goal of providing software solutions and consulting services in the area of securities finance and collateral management.
In 2001, IFBS commenced application development and, in early 2004, IFBS launched its standard application solution, FINACE.
IFBS is headquartered in Zurich, Switzerland and has New York representation.