Two of the most prominent names in best-of-breed treasury technology are to merge as Nomentia acquires TIPCO for an undisclosed sum. The move comes less than a year after Nomentia itself was created by the merger of OpusCapita and Analyste.
The TIPCO acquisition gives Nomentia greater access to new markets outside its Nordic stronghold, adding more than 130 clients, many of them in DACH, Benelux and adjacent areas. It also brings with it new capabilities in areas such as FX Risk and trade finance to add to its traditional strengths in cash management.
“Nomentia and TIPCO both share the same mission,”said Jukka Sallinen, CEO of Nomentia. ``We believe that acquiring TIPCO Treasury & Technology enhances our ability to expand into new territories. In addition, this transaction aims to strengthen Nomentia’s solutions and product portfolio.”
After the acquisition, which is still subject to regulatory approval, Nomentia will have almost 200 employees with locations in Finland, Austria, Germany, Netherlands, Sweden, and Poland. The combined group will have over 2,000 customers in more than 80 countries.
This is unlikely to be the last acquisition by Nomentia, which is private equity owned.