Finastra, a Vista Equity Partners portfolio company based in UK, has acquired US-based Malauzai Software for an undisclosed sum.
Malauzai, established in 2009, develops mobile banking applications and Internet banking solutions for community financial institutions including banks and credit unions.
The acquired entity serves more than 350 community markets institutions in US with over one million monthly active users.
The acquisition builds over an already successful partnership between Finastra and Malauzai, where by the latter’s digital solution was integrated into Finastra’s Fusion Phoenix core banking system.
Using the combined capabilities, two companies have secured more than 130 joint customers, including Wisconsin-based Horicon Bank.
Commenting on the deal, Finastra CEO Simon Paris said: “Credit unions and community banks are the fabric of American financial services. We strive to help them realise the benefits of digital transformation – including being able to deliver outstanding experiences right across their consumer and business customer lifecycles.
“Together, our two companies deliver a fully integrated open core platform for payments, lending and digital, across Finastra’s 4,500-strong US-based community market customers and Malauzai’s non-core US-based customers. We value Malauzai’s market leadership and its open approach, which is in perfect alignment with our open platform vision.”
Finastra was formed in June last year following the merger of British fintech firm Misys with Canadian fintech firm D+H.