Fundtech Ltd., a provider of global electronic payment, settlement and cash management applications, has purchased Prang GmbH (Prang), a provider of payments software located in Frankfurt, Germany.
Under the terms of the definitive agreement, Fundtech will pay €4.0 million in cash at closing and an additional amount of up to €4.0 million in cash will be paid over the next four years, based on the financial performance of Prang.
Prang is a provider of payments solutions on the IBM iSeries platform with over 50 installations in Germany and other international markets.
“The acquisition is part of Fundtech’s growth strategy to align with profitable companies with strong management in important geographic markets,” says Reuven Ben Menachem, the CEO of Fundtech. “Prang complements our European strength in terms of market knowledge, management skills and a strong drive to understand and address our customers’ needs. We welcome Prang’s employees and clients into the Fundtech family and look forward to our mutual success.”
“We are delighted to become part of the Fundtech group of companies,” adds Dieter Prang, the CEO of Prang. “The new SEPA regulations have created a need for advanced technology and domain expertise that Fundtech and Prang possess. Prang’s employees and clients will benefit from this combination and we will be able to offer them new opportunities, products and services.”