Credit: kiquebg from Pixabay

Wealth management technology provider Objectway has purchased Die Software Peter Fitzon, a core banking solutions provider in Germany.

Financial terms of the transaction were not revealed.

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Objectway said that the deal ‘complements and strengthens’ its wealth and asset management offerings.

According to the firm, the combined offering from Objectway and Die Software will address the current requirements of financial institutions. These include the ability to process transactions in real time, releasing new features frequently and scaling up IT infrastructure.

Set up in 1983, Die Software serves private banks, retail banks and central banks in the DACH area as well as Luxembourg through its modular core platform.

It has a presence in Munich and Zurich and a workforce of over 140.

The firm connects all ecosystem players through an open architecture.

Commenting on the transaction, DIE SOFTWARE founder Peter Fitzon said: “This will further help to enhance our client coverage and geographical footprint across EMEA.”

With the deal, Objectway will now cater to more than 200 clients in the EMEA region, with revenues of more than €100m.

Objectway Group founder and CEO Luigi Marciano said: “We aim at creating a unique and complete banking suite that combines Die Software solutions with Objectway’s cutting-edge technologies in digital client management, investment advisory and portfolio management, to be deployed through Business Process as a Service (BPaaS) and Software as a Service (SaaS) models.

“We will also promote the global expansion of Die Software solutions by taking advantage of our presence in UK, Italy, Benelux and beyond.”

In January 2019, Objectway acquired Algorfin, a provider of IT and administrative outsourcing services for asset managers, custodian banks and other financial operators, from Unione Fiduciaria.

Over 100 employees of Italy-based Algorfin joined Objectway as part of the deal.