London-based financial software vendor The ABS Group is to acquire the assets of Thomson Financial Treasury Solutions (TFTS). Financial terms have not been disclosed.
The acquisition will allow The ABS Group worldwide rights to Thomson Financial's suite of treasury management products, including Paragon, Vision and TBA Trader.
The two organisations will merge their operations in Boston, London, New York and Singapore, boasting more than 300 global clients and combined office locations in the UK, US, Manila, Singapore and South Africa.
Linda Bertone, previously managing director of Thomson Financial Treasury Solutions, is to manage the existing ABS Group and TFTS operations in North America.
Pat Tierney, president and CEO of Thomson Financial, states: "This divestiture underscores our rapid movement towards increasing our focus on delivering total workflow solutions to the global securities industry - meaning corporations as issuers, investment banks, brokerage firms and fund managers. Our Treasury Solutions business unit, with its focus on the banking industry, fell outside of this mandate."