Wilco International, a subsidiary of Automatic Data Processing, Inc. (NYSE: ADP) has acquired German financial software and services provider ISAM GmbH. ISAM is a private German company based in Frankfurt, with a subsidiary in Prague.
ISAM has a portfolio of specialist software products and services for the German securities markets, centred on tax processing and reporting, regulatory reporting, and the distribution and presentation of securities and corporate actions data from Wertpapeirmitteilung. ISAM also provides a SWIFT accredited service bureau.
This acquisition furthers Wilco’s and ADP’s strategy of providing the strongest institutional and retail securities processing service offering in all major financial markets. Frankfurt is a premier global financial location and Germany has the largest retail transaction volumes of any European country. Wilco first opened an office in Frankfurt in 1999.
Donal O’Brien, IT director at Wilco, said: “We are extremely proud to welcome these new associates to Wilco International and ADP. The products and expertise of ISAM complements the Wilco product portfolio exceptionally well. Wilco is now equipped to provide an excellent software solution for the German domestic and international market.”
Andreas Hattass, the former owner and MD of ISAM, said: “I believe that this agreement will allow us to build on the good foundations ISAM has laid in the five years since I founded the company. The backing and global capability of Wilco and ADP will allow us to grow confidently and take on much larger assignments. We will provide the local expertise to support Wilco’s flagship products, as well as continuing to build and support our portfolio of products and services, such as FITAS (Financial Tax Software), that support the particular requirements of the German market.”
Herr Hattass will continue as the MD of the Wilco entity which will unite all current ISAM and Wilco staff in Germany at the present ISAM premises at Dusseldorfer Strasse 15-17, 60329 Frankfurt/Main (tel: +49 69 27 1003-13).