Financial Tradeware, a provider of STP portfolio management and brokerage products, has acquired Swiss financial software vendor BIP SA for an undisclosed sum.
Financial Tradeware says it bought out BIP in order to gain immediate market share and visibility in the Swiss market.
BIP's flagship product is Fortune, a back office system for portfolio managers. The firm has offices in Italy, France, Belgium and UK.
Existing BIP customers will be migrated to Financial Tradeware's Ultra Suite before the end of the year and will also offered the vendor's new connectivity and control application, SwiftPower, which will be launched at Sibos in October.
Alberto Fontana, UK MD, Financial Tradeware, says: "The expansion of our capabilities to reach across Europe is one of Financial Tradeware's key goals and this acquisition has enabled us to do that quickly and effectively."