Parabellum Investments, a firm owned by international growth investor Rami Cassis, has acquired Sandy-based digital banking software firm Connect FSS through Parabellum’s U.K.-based portfolio banking software company ieDigital.
“Partnering with ieDigital is a natural next step in our evolution as a business,” Grant Parry, president and CEO of Connect FSS, told TechBuzz. “There is a clear synergy between our two cultures, and in terms of the technology and skillsets that we share. We’re enthusiastic about what we will be able to deliver with ieDigital’s insight and experience in fintech. Our joint ambition is to provide excellent customer service and tailored solutions to clients, and we are confident we can further achieve this with today’s news.”
The acqisition will provide the combined ieDigital Group business with a unified platform for growth and further acquisitions. In particular, the group will now accelerate expansion through growing its client base in the U.S. and U.K., extending the type of clients it supports, offering a broader suite of services to its existing clients and working together to develop new products for the global market, Parry said.
Jerry Young, CEO of ieDigital, will become CEO of ieDigital Group with Parry becoming executive vice president of strategy. Cassis will serve as group chairman.
Terms of the deal were not disclosed.
“This latest acquisition cements ieDigital Group’s position as the go-to provider of fintech software to mid-market financial institutions in the U.S. and UK,” said Cassis. “Financial institutions worldwide are in the middle of extreme digital transformation to meet the demands of digitally aware consumers, so there is a huge demand for ieDigital Group’s services. We are investing aggressively to grow its product offering and build a best-in-class business with unrivalled reach, expertise and a blue-chip client base.”