Wall Street Systems (Wallstreet), a treasury, trading and settlement solutions and services firm, has acquired the assets of Speranza Systems. Speranza, headquartered in Portland, Maine, provides a web-based platform to financial and corporate organisations looking to adopt efficient processes around administering bank relationship and signatory/authorisation management. Wallstreet plans to integrate Speranza’s bank account management capabilities within its Wallstreet Suite and Wallstreet Treasury solutions. As part of the acquisition, Wallstreet will continue servicing existing Speranza clients.
Speranza’s software-as-a-service (SaaS) solution for electronic bank account management (eBAM) provides streamlined processes for eliminating inefficient, paper based practices for administering bank accounts and signature authorities, saving valuable time chasing down corporate documents, gathering physical signatures, mailing/filing papers, and satisfying audits. Wallstreet’s corporate and banking clients will benefit from this additional capability, by reducing costs and boosting efficiency. Speranza’s offering also assists in helping clients meet Sarbanes-Oxley (SOX) compliance requirements.
In conjunction with the closing of the transaction, Glen Solimine, chief executive officer (CEO) of Speranza has joined Wall Street Systems as head of sales, Wallstreet Treasury.
Paul Wheeler, managing director of Wallstreet Treasury at Wall Street Systems, said: “For more than 20 years, Wallstreet has attributed its success to an unwavering commitment to bring clients the most innovative, reliable and robust solutions and services. As our client base continues to grow and evolve, we are fortunate to have Glen Solimine’s support of the Wallstreet vision along with his strategic expertise. In addition, the strength of the bolstered technology allows us to best manage complicated financial relationships, providing a valuable service to clients. We see this investment as an integral part of our strategy going forward.”
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.