Trade finance technology vendor Surecomp has acquired niche US operator Micro Banking Automation Inc (MBAI) for an undisclosed amount.
Twenty three-year old MBAI, which is based in Atlanta, Georgia, has its trade finance and cash letter software installed at an undisclosed number of US banks. Phil Sowell and Bill Shewey, the MBAI founders, will be joining the operations and sales divisions of Surecomp respectively.
The latest acqusition follows Surecomp's February foray into Chile, when the vendor acquired Latin American trade finance outfit Orden from Sonda.
Market Advisory Services (MAS) of Spring Lake, New Jersey introduced and advised Micro Banking Automation Inc. in the transaction.