UK-based software firm Gresham Technologies has acquired Luxembourg-based B2 Group, a provider of cash and payments solutions, for an undisclosed price.
B2 Group offers payments, funds and FX automation and integration STP software and consultancy solutions.
Its clients include banks, corporates, insurers and fund administrators located in different parts of the world, particularly in Europe, the Middle East and Africa.
B2 Group specializes in bank-to-corporate integration and cash management software. Its lead product is a cloud-based software platform that connects corporates and asset managers with their bank partners.
The company offers firms with real-time visibility of their cash position, enhanced control of outgoing payments while making their incoming statements automatically processed.
Through the acquisition, Gresham will add B2 Group’s cash management and payments integration solutions to its portfolio of Clareti applications. It will complement Clareti Accounts Receivables Management and Clareti Transaction Control, said Gresham.
The UK firm expects the new addition to grow its addressable market and in advancing its strategic plan to develop a global, enterprise financial technology business.
Gresham said that the acquisition also adds 15 new customers made of corporates, banks, insurers, and asset managers to its customer base while providing an enlarged presence in continental Europe.
Gresham CEO Ian Manocha said: “This exciting combination creates an industry leader in multi-bank integration and control solutions for corporates, banks, insurers and asset managers, it strengthens our cloud capabilities and gives us a platform to further accelerate our growth.”
Gresham revealed its plans of promoting B2 Group’s complete product range to the global market as part of the Clareti portfolio. It also said that B2’s ‘Multi-Bank Integrator’ will be renamed as “Clareti Multi Bank”.
The Multi-Bank Integrator was launched by B2 in February 2016 as an automated cash and treasury banking integration platform to target its corporate clients.
B2 Group co-founders Phil Boland and Marc Binck said: “Joining with Gresham will enable us to take our innovative multi-bank solutions to a global market.
“Gresham shares our passion for customers and understands how to support the growth of a successful and talented financial technology team.”