International provider of IT solutions for banks, SOFGEN has completed the takeover of Zürich-incorporated Solution Architects Group (SAG).
Financial terms of the agreement have not been revealed.
Following completion of transaction, the SAG consulting team will be integrated into SOFGEN’s Swiss German subsidiary, SOFGEN Consulting.
SOFGEN group chairman Alexander Dembitz said, "The combination of SAG with SOFGEN Consulting AG furthers the SOFGEN group’s long-held ambition to achieve critical mass in the region."
SAG founder Simon Spalinger said that the acquisition will strengthen its presence in the Swiss German market as well as across the globe.
SAG’s Avaloq-based testing product, Automated System Testing (AST), has been implemented by 10 banks in German-speaking Switzerland.
Established in 1999, SOFGEN provides core banking and related IT solutions to some financial institutions in the areas of retail, corporate and private banking, as well as microfinance.
The group has a work force of 500 employees, who serves more than 180 clients on a number of banking platforms from 20 offices on five continents.
Zürich-based Solution Architects Group caters services to Avaloq users in the areas of system design, implementation and project/release/test management.