Wall Street Systems, a developer of financial trading and treasury engines, has acquired the assets of Speranza Systems Inc., a Portland, Maine-based provider of a web-based platform for administering bank relationship and signatory/authorization management. No financial terms were disclosed. Wall Street Systems is a portfolio company of Warburg Pincus.
Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, announced today that it has acquired the assets of Speranza Systems, Inc. Speranza, headquartered in Portland, Maine, provides a web-based platform to financial and corporate organizations looking to adopt efficient processes around administering bank relationship and signatory/authorization management. Wallstreet plans to integrate Speranza’s highly regarded bank account management capabilities within its Wallstreet Suite and Wallstreet Treasury solutions. As part of the acquisition, Wallstreet will continue servicing existing Speranza clients.
Speranza’s Software as a Service (SaaS) Solution for electronic bank account management (eBAM) provides streamlined processes for eliminating inefficient, paper based practices for administering bank accounts and signature authorities, saving valuable time chasing down corporate documents, gathering physical signatures, mailing/filing papers, and satisfying audits. Wallstreet’s corporate and banking clients will benefit from this additional capability, by reducing costs and boosting efficiency. Speranza’s offering also assists in helping clients meet Sarbanes-Oxley compliance requirements.
Wallstreet views this as a significant investment in the fast growing eBAM market, which industry experts predict will explode over the next two years. Servicing both the Banking and Corporate Treasury worlds, Wallstreet is well positioned to be the eBAM market leader.
In conjunction with the closing of the transaction, Glen Solimine, CEO of Speranza has joined Wall Street Systems as Head of Sales, Wallstreet Treasury. Solimine comments, “Wallstreet’s proven ability to provide innovative financial and treasury solutions to the global corporate marketplace, coupled with management’s expertise and commitment to success is tremendously promising for the future of the business. I am pleased and excited to be a part of the team.”
Paul Wheeler, Managing Director of Wallstreet Treasury at Wall Street Systems commented, “For more than twenty years, Wallstreet has attributed its success to an unwavering commitment to bring clients the most innovative, reliable and robust solutions and services. As our client base continues to grow and evolve, we are fortunate to have Glen Solimine’s support of the Wallstreet vision along with his strategic expertise. In addition, the strength of the bolstered technology allows us to best manage complicated financial relationships, providing a valuable service to clients. We see this investment as an integral part of our strategy going forward.”
Speranza Systems recognizes the complexities faced by organizations of all sizes in managing banking relationships. Available as a SaaS or installed solution, Speranza is defining bank relationship management to include online opening, closing and editing of bank accounts, control of the delegation of authority, signer management, execution of the appropriate mandates, automatic document generation and management. Speranza knows that the right tools can leverage regulatory requirements, cut through chaos and turn compliance into competitive advantage. For more information, visit www.speranzasystems.com.
Wall Street Systems (Wallstreet) provides functionally rich, integrated and scalable solutions for improved workflow, control and overall productivity for corporate treasury, central banking, FX trading and global back office operations. Wallstreet is the market leader in FX trade processing and through its award-winning products, including Wallstreet Suite, Wallstreet Treasury, and Wallstreet FX, the company processes millions of transactions, aggregating to trillions of dollars, every day.
With a 20 year heritage, Wallstreet has an outstanding reputation for quality and responsive service, and prides itself on helping its clients achieve long lasting benefits and results. Its 550 employees service over 300 banking, corporate and central bank clients, operating out of 12 offices worldwide. The company is a privately held corporation, and is majority owned by Warburg Pincus, a global private equity investor. For more information, please visit www.wallstreetsystems.com.