Fundtech has signed a definitive agreement to acquire CashTech Solutions India, a provider of cash management and electronic banking software located in Pune, India. Under the terms of the definitive agreement, Fundtech will pay $2.9m in cash at the closing and an additional $0.4m in cash within 180 days of the closing. An additional amount of up to $3.7m in cash will be paid over the next three years, contingent upon the financial performance of CashTech. The transaction is expected to close within two weeks. Reuven Ben Menachem, CEO of Fundtech, said: “The acquisition of CashTech will enhance Fundtech’s capabilities and help us reach our long-term goal of becoming a global powerhouse in financial technology. This transaction will expand our product lines, broaden our geographic coverage, deepen our management resources and add a large pool of software developers with deep domain knowledge. We welcome CashTech’s employees and their clients into the Fundtech family and look forward to our mutual success.”
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