Finastra has sold its US Mid-Market banking business to CORA Group, in a deal covering core banking, digital banking and analytics products.
The acquisition includes Phoenix Core Banking System, Malauzai Digital Banking, Analyzer IQ and Enterprise Content Management.
The products are used by banks and credit unions in the United States.
Phoenix is a cloud-based core banking system that supports account opening, customer service across channels and operational scaling.
The business will operate as a standalone company under CORA Group, with its existing products, teams and customer relationships remaining in place.
Denis Brosnan, Portfolio CEO of CORA Group, said,
“Finastra’s U.S. Mid-Market business is exactly the kind of company we look for – strong products, loyal customers, and people who really know their industry.
We don’t acquire businesses to change what’s working. We give them a permanent home, the resources to keep delivering, and the space to stay close to their customers. That’s exactly what we plan to do here.”
CORA Group is part of Jonas Software, an operating group of Constellation Software, and focuses on acquiring and operating vertical software businesses over the long term.
Chris Walters, CEO of Finastra, said,
“We believe this move sets the U.S. Mid-Market business up to thrive. CORA Group’s long-term approach is the right fit for this business and its customers.
For Finastra, it sharpens our focus on the areas where we lead and where we can deliver the greatest value.”
The deal is aimed at maintaining continuity for customers while supporting further investment in the products.
Featured image: Edited by Fintech News Singapore, based on image by ismode via Magnific