Global fintech Gresham Technologies (Gresham), a specialist in providing real-time solutions for data integrity and control, banking integration, and payments and cash management, is to acquire post-trade automation specialists, Electra Information Systems, (Electra).
The transaction, which is expected to complete on 22 June 2021, represents a significant milestone in Gresham’s growth strategy which has seen the firm’s leading Clareti platform dominate the data integrity, reconciliations and control space over the last eight years. The firm has grown from disruptor to industry recognized, trusted partner, onboarding more than 120 customers across banking, investment management and financial services including many of the world’s largest financial institutions. The transaction follows Gresham’s successful acquisition of Inforalgo Information Technology in July 2020 which enhanced the firm’s regulatory reporting and connectivity capabilities.
For the past 20 years Electra has been providing the financial services industry with innovative solutions and services to improve efficiency and mitigate risk in post-trade processing, including reconciliation, data aggregation and transformation, trade settlement and client fee billing. The firm has achieved deep penetration in the buy-side market, gaining 150 direct customers and a strong reputation for innovation and customer service. The acquisition of Electra will double Gresham’s customer numbers to over 270, increase its physical presence in the United States and strengthen its cloud and delivery capabilities in the global market.
Ian Manocha, CEO at Gresham, says: “Our shared vision, and the combination of the two firm’s people, technology and international network will accelerate our long-term growth and the achievement of our value creation strategy. Aligned with our mission to create a global financial technology business delivering digital integrity, agility, and confidence to financial markets, we want our customers to have access to innovative and domain rich, cloud-based automation solutions.
“We will be taking Electra’s highly respected propositions to investment managers, family offices, hedge funds and other buy-side participants around the world, strengthening our global footprint and presenting exciting opportunities for Gresham and the market – underpinned by the power of the Clareti platform.”
John Landry, CEO at Electra, says: “Electra sits at the heart of the US buy-side community and is known for its specialist expertise in smart reconciliations. We’re proud to have built a leading buy-side proposition over the last 20 years, adding value to the entire post-trade process for our 150 customers. Joining Gresham creates significant opportunities to take our technology to international markets and for our customers to access the full scale, reach, and capabilities of the Clareti platform. Combined with Gresham’s deep expertise in providing software solutions for banking and investment management firms and solid reputation for reliable, mission-critical solutions and customer service, we are well-matched to operate globally as one company. We look forward to becoming a part of the Gresham team and delivering our combined offering to global markets.”
