The combined company, which serves both regional and multinational corporations, becomes the world’s largest cash management, treasury management and electronic banking software provider. In a transaction valued in excess of $25 million, XRT shareholders contributed 100 percent of their shares in exchange for Cerg Finance common stock representing 17.75 percent pro forma ownership in the combined company. The new company will be known as XRT Cerg Finance S.A. It has approximately 425 employees from offices in 22 countries and boasts over 11,000 clients in 51 countries. The United States subsidiary, headquartered in Wayne, Pa., will be known as XRT Cerg Finance America, Inc. The company is listed on the Paris Stock Exchange.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.