The subsidiary of Hundsun (600570.SH) announces the acquisition of the Summit business of Finastra

2021-12-02 10:42 1807

HANGZHOU, China, Dec. 2, 2021 /PRNewswire/ -- The holding subsidiary of Hundsun Technologies Inc. (hereinafter referred to as "Hundsun" or the "Company") CloudWing NetWork Technologies Co., Inc. (hereinafter referred to as "CloudWing NetWork") has acquired the Summit business of Finastra, an internationally renowned Fintech company in UK at the price of 65 million dollars. The acquisition includes the franchise and exclusive licensed development rights of the Summit Business, which is a bank treasury management system of Finastra, in mainland China, Hong Kong and Macau,.

This acquisition represents that Hundsun will quickly enter the field of treasury management system for large and medium-sized banks, and the Summit system can be integrated with Opics, the existing treasury management system covering small and medium-sized banks to form synergistic effect and realize the full coverage of the customer groups of large, medium and small banks to provide superior treasury management  solutions for bank customers.

Summit covers the main transaction scenarios of capital business of financial institutions, including money markets, capital markets, foreign exchange transactions and derivatives markets. It provides services for a large number of large and medium-sized banks in China. CloudWing NetWork will develop more localized products in China based on the source code of Summit, and obtain continuous update of the source code of Summit and iterative upgrade of products from Finastra. In addition, CloudWing NetWork will also obtain the customers of Summit in mainland China, Hong Kong and Macau, and continue to provide services to these customers.

Through this acquisition, CloudWing NetWork will further improve the layout of the product line of treasury management system, expand the coverage of software products in the fields of fixed income, complex derivatives, and structured products, and strengthen the power to provide complete solutions for the finance market departments of large and medium-sized banks.

In July, Hangzhou Hundsun Lirong Software Co., Ltd. (hereinafter referred to as "Hundsun Lirong"), another holding subsidiary of Hundsun has acquired the treasury management system named Opics from Finastra.  Based on the cloud-native distributed platform of Opics from Hundsun, Hundsun Lirong has developed Hundsun Mangos, a localized treasury trade system which conforms with international standards, to provide services for the money business of small and medium-sized banks. It is reported that Hundsun Lirong and CloudWing NetWork will be integrated later to provide financial institutions with comprehensive solutions for capital business.

Peng Zhenggang, the Chairman of Hundsun, says that, "this acquisition is another important step of the Company's international strategy of 'bringing in'. In the future, Hundsun will continue to bring in more advanced software products abroad and develop more advanced, localized and international Fintech products for Chinese market, making contributions to China's independent innovation of information technologies."

Eric Duffaut, the President and the Operation Director of global customers of Finastra, says that, "since 2003 when Finastra entered the Chinese market, we have witnessed the increasing demands of customers for money transaction solution. We are very delighted to reach the agreement with CloudWing NetWork. We believe that Hundsun and CloudWing NetWork will continue to bring better products and services to the market in the future."

Source: Hundsun
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