Financial messaging outfit SyMtec Solutions has taken over long-time Swift interface rival Cerberus Software for an undisclosed sum.
Cerberus Software has been selling message handling systems to Swift banks since the early 1980s. The company initially entered the market in partnership with SyMtec, but was forced to go it alone after an acrimonious bust-up. After an early period of rapid growth following the launch of its PC-based NovaSwift interface device, the company has since undergone a steady retrenchment, closing offices in London, Singapore and the US.
SyMtec inherits an installed customer base of up to 70 banks worldwide and three development staff in Southampton. Cerberus managing director Colin Warburg has left the company following the takeover.
SyMtec currently employs 20 staff in London and claims up to 40 customers worldwide.
Jeremy Goddard, managing director at SyMTec Solutions, says: "Combining the resources of both companies means that we will be able to gain significant economies of scale, as regards both the support of existing installations and the development of new products.
"The most immediate effect is that we will be offering a new IP-based Swift interface to both sets of customers."