CSK Corporation has sold its German financial technology subsidiary, CSK Software, to a group of private investors led by SwissRisk CEO Thomas Wolfensberger. Financial terms of the deal were not disclosed.
Formed in 1979, CSK Software specialises in business process automation systems in areas such as payment inquiry, Swift integration, securities trading and settlement, real-time data distribution and fund management. The company is headquartered in Frankfurt and has offices in London, Luxemburg, Zurich and Madrid.
Wolfensberger says following the acquisition, CSK Software will distribute and support Swissrisk wealth management products in the financial markets it currently serves. Andreas Wagner, chief technology officer, CSK, adds: "This cooperation allows both companies to complement their range of solutions for the financial services industry."
CSK Corporation says the sale is due to its decision to focus on providing BPO services in Japan but that it will continue to distribute CSK Software's products in its local markets.