Fundtech Ltd finalises purchase of Prang GmbH.
TELECOMWORLDWIRE-14 February 2007-Fundtech Ltd finalises purchase of Prang GmbH(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Fundtech Ltd (NASDAQ: FNDT), a provider of software solutions and services to financial institutions, reported on 13 February that its acquisition of Prang GmbH, a German-based provider of payments software, has been completed.
Fundtech has agreed to pay cash totalling EUR4m upon completion and another EUR4m in cash over the next four years dependent upon Prang's financial performance.
Prang, a member of the European Banking Association (EBA), has previously been awarded a SWIFT Ready Gold product label and it works in close cooperation with the Deutsche Bundesbank for German payments clearing.
Moving forward towards the Single European Payments Area (SEPA) and TARGET2, Fundtech believes that its SEPA payment system together with Prang's SEPA products will enhance Fundtech's market reach.
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|Date:||Feb 14, 2007|
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