Finastra announces closing of Teranet transaction
London, UK and Toronto, Canada, August 3 2018 – Finastra has closed the transaction for the sale of its Canadian-based Collateral Management Corporation (CMS) business to Teranet, a Toronto-based pioneer in electronic registration services.
CMS is a leading provider of lien registration services, recovery services and insolvency management solutions to Canadian lenders. The sale includes the registration and recovery business lines, which provide a comprehensive set of search and lien registration services, asset recovery services and insolvency management solutions for Canadian lenders.
The transaction, which was previously announced in June 2018, was completed on August 3, 2018.
Financial details were not disclosed.
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Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.
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