IBM has acquired Montreal-based fintech company, Expertus Technologies for an undisclosed sum. The acquisition strengthens IBM’s portfolio as an end-to-end digital payments solution provider and further advances Big Blue’s hybrid-cloud and AI strategy.
“Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation,” said Mark Foster, Senior Vice President, IBM Services. “Expertus’ payment-as-a-service solution expands our hybrid cloud-based payments offerings, transforming payments and treasury management with AI to give financial institutions the flexibility to rapidly innovate and stay competitive as consumer demands evolve.”
Expertus is a pioneer in cloud solutions for the financial services industry. More than 1,000 entities including banks, credit unions, regulatory agencies and corporates around the globe process an average of over $50 billion daily on its payments platform.
With this acquisition, IBM gains decades of consulting experience to address the most pressing payment modernization challenges of financial institutions, which are part of the more than $100 billion consulting and business process services opportunity in banking and financial markets over the next few years.
This acquisition also expands IBM’s finance industry depth and ability to manage complex integrations – of technologies, people and processes.
Expertus is now part of IBM Global Business Services, following its previous successful alliance with IBM Payments Center Canada.