What's
New COR
Financial Solutions acquires ABS Group products to create banking
software powerhouse -- Westchester introduces COR to ABS to facilitate
successful transaction
LONDON – September 26, 2002 – Westchester Associates Limited
(www.westchester.co.uk)
today announced that it facilitated the introduction that resulted in
the successful acquisition of the products of London-based multinational
ABS Group by COR Financial Solutions (www.corfinancialsolutions.
com).
COR
Financial Systems, a leading provider of software for banking, trading
and asset management, acquired the products of the ABS Group to expand
its banking division, COR Intelligent Banking Solutions. The expanded
division will bring together the products of the ABS Group with COR’s
existing internet banking range. The combined entity will boast one of
the most impressive ranges of banking software products and services
under one roof, from the very latest Java-based internet banking
technology at one end through to business critical back office systems
at the other. The ABS products
which COR acquired are used by 150 banking organizations across North
America, Europe and Asia, including JP Morgan Chase, ING Barings, State
Street bank, Comerica Bank, FleetBoston Financial and BNP Paribas.
The COR Group board,
headed by Chairman and CEO Steve Osborne, took the decision to expand
the company’s banking division in line with the growing global market
for banking software. Westchester Associates introduced the opportunity
to acquire the ABS Group products to COR, and Mr. Osborne remarked, “I
appreciate Westchester introducing us to the opportunity to acquire the
ABS Group products. They certainly understand the banking software
market and clearly identified that the ABS Group products would make an
excellent addition to the COR Financial Solutions product line. We value
the service Westchester has provided to us and to the completion of a
successful transaction. We look forward to using Westchester for future
transactions.” About COR Financial
Solutions COR Financial
Solutions Ltd. provides software solutions to the financial services
industry. Each division of COR Financial Solutions offers specialist
software, integration and consultancy services to a specific market
sector. About Westchester
Associates Westchester Associates are specialists in technology
mergers and acquisitions (M&A) services. We represent and advise
Sellers and Buyers in M&A projects in the UK, Europe and the USA,
with specific focus in software and service businesses.
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