As per reports, International Business Machines Corp (IBM) has purchased a Canadian financial-technology firm Expertus Technologies Inc. to boost its electronic-payments capabilities that will assist in more than $50 billion in transactions a day. Expertus to be a part of the IBM Global Business Services unit. The financial terms of the deal weren’t disclosed.
Expertus addition will allow IBM to modernize their payment systems and keeping up with rivals including PayPal Holdings Inc. and Square Inc. while keeping expenses in check and complying with regulatory requirements.
“Payments represent a very profitable part of their franchise, and they want to continue to ensure they hold onto and not see erosion in that business in this new digital-banking environment,” stated Shanker Ramamurthy, global managing partner for banking in IBM Services.
Expertus’s payment platform is used by more than 1,000 banks, credit unions, regulatory agencies, and corporations.
Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page.
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