CORA Group buys Finastra’s U.S. Mid-Market Banking Business
Covering Phoenix Core Banking System, MalauzAi Digital Banking, Analyzer IQ and ECM, the unit serves hundreds of U.S. banks and credit unions.
Takeaways
- Finastra’s U.S. Mid-Market Banking Business is a core banking, digital banking, and analytics software for mid-market financial institutions.
- CORA Group is acquiring Finastra’s U.S. Mid-Market Banking Business with backing from Constellation Software.
- The target serves banks and credit unions across United States.
CORA Group acquired Finastra’s U.S. Mid-Market Banking Business, core banking, digital banking, and analytics software for mid-market financial institutions.
The business includes Phoenix Core Banking System, MalauzAi Digital Banking, Analyzer IQ and Enterprise Content Management, with software used by hundreds of banks and credit unions across the United States.
“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,” said Denis Brosnan, Portfolio CEO of CORA Group.
The business will operate as a focused, standalone company within CORA Group, with Joe Gomez managing it and the same products, people and customer relationships remaining in place.
CORA Group is a portfolio of Jonas Software, an operating group of Constellation Software; Terms were not disclosed.
PJT Partners advised Finastra financially, and Kirkland & Ellis LLP served as its legal counsel.
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