Crealogix, a Switzerland-based provider of digital banking solutions, has agreed to acquire Barcelona-based Innofis, which delivers digital solutions to banks in the Middle East region.

Founded in 2012, Innofis is a self-financed and privately held company. Its customer base in the Middle East includes National Commercial Bank in Saudi Arabia and the Al Rajhi Banking Corporation.

Innofis, which employs 120 qualified engineers and specialists, generated CHF10m of revenue in 2017.

Under the terms of the agreement, all the employees of Innofis will join Crealogix and the company will continue to be led by its existing management team.

Innofis founder and CEO David Moreno said: “As a result of the new, joint offering from Innofis and CREALOGIX, we will remain a reliable partner for our clients and will support them in their digitization initiatives, with a broader set of innovative, ready-to-use solutions.”

Moreno will become a member of the executive group management of Crealogix and will also continue to be responsible for the Middle Eastern market.

Crealogix CEO Thomas Avedik said: “The acquisition underpins our strategic objectives by strengthening our market-leading digital banking offering, extending our international reach and establishing a material presence in the Middle East.”