UK banking software vendor Misys has acquired NEOMAlogic, a Paris-based provider of Web-based trade finance technology, for EUR12 million in cash.
Founded in April 2000 NEOMAlogic provides electronic trade finance systems to financial services firms including Natexis Banques Populaires, BNP Paribas, Société Générale and Lloyds TSB.
The firm's flagship Java-based Global Trade Portal product allows corporate customers banks to manage all trade finance services via the Internet. Misys says the product will be re-branded with immediate effect as Misys Trade Portal.
Commenting on the technology, Andrew Hebron, head of product management, international and regional banking, Misys Banking Systems, says: "Not only does it provide corporates with a highly functional trade finance solution, it also allows banks to create a trade finance community within their client base and integrate into their clients' daily trade activities.
"When implemented with Misys Trade Innovation, Misys Trade Portal provides a proven, integrated solution for global trade banks."