Cognizant buys financial software company Meritsoft

Cognizant has acquired Meritsoft, a privately-held financial software company based in Dublin, Ireland. Meritsoft is best known for its FINBOS platform for post-trade processing, an intelligent automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions. Meritsoft’s products are currently used by few leading investment banks. Financial details of the transaction were not disclosed.

“We look forward to Meritsoft joining us, and expanding the fintech offerings within our growing software product portfolio,” said Sean Middleton, President, Cognizant Accelerator. “This acquisition underscores our strategy for acquiring and developing unique and powerful software products that address critical vertical industry requirements, especially when combined with our digital operations capabilities.”

Cognizant and Meritsoft have a track record of working together, meeting demand for integrated solutions that leverage the agility of Meritsoft’s FINBOS platform and Cognizant’s managed services and digital operations capabilities.

“By becoming part of Cognizant, Meritsoft will have access to Cognizant’s knowledge, resources and scale to accelerate growth as we continue to innovate on the FINBOS platform for post-trade solutions,” said Kerril Burke, co-founder and CEO, Meritsoft. “It is a complementary match, coupling Cognizant’s industry platforms and solutions expertise, and Meritsoft’s advanced automation technologies. We will provide a powerful integrated offering to capital markets institutions who are seeking to control costs, meet regulatory requirements and maintain liquidity.”

Meritsoft private equity investors were Synova and an affiliate of 22C Capital. Both have been working with Meritsoft management since 2015.