Finastra sold its US mid-market banking business to CORA Group, transferring a package of core banking, digital banking, analytics and content management products used by banks and credit unions in the United States.
TRANSACTION DETAILS AND PRODUCT SCOPE
The deal covered a suite of Finastra products serving the US mid-market segment, including the Phoenix Core Banking System, Malauzai Digital Banking, Fusion Analytics, Analyzer IQ and Enterprise Content Management. The products are used by hundreds of US banks and credit unions, and the business will operate as a standalone company within CORA Group, with its existing teams, customer relationships and products unchanged.
Finastra chief executive Chris Walters said the sale 'sharpens our focus on the areas where we lead and where we can deliver the greatest value'. Denis Brosnan, portfolio chief executive of CORA Group, said the business was 'exactly the kind of company we look for'. Phoenix is a cloud-based core banking system that supports account opening, customer service across channels and operational scaling.
OWNERSHIP AND LEADERSHIP
For Finastra, the transaction allows it to focus on its core markets and strategic priorities. CORA Group, a unit of Jonas Software, which is owned by Constellation Software, said Joe Gomez will lead the business.
Gomez said: 'For our customers, nothing changes day-to-day. Instead, they gain a partner that helps them compete more effectively.'
Financial terms were not disclosed.
Sources: CORA Group, Fintech News Singapore, American Banker, IBS Intelligence