Austin-based Malauzai Software has been acquired by London-based financial technology firm Finastra, the companies said Monday.
Financial terms of the deal were not released.
Founded in 2009 by financial software industry veterans Tom Shen and Robb Gaynor, Malauzai Software develops mobile banking applications for community financial institutions, such as banks and credit unions. Using a smartphone or tablet, customers can securely review their accounts, transfer money between accounts and check recent transactions. Customers can also make deposits by photographing checks with their phone and transmitting that image to the bank.
Malauzai, which means "little monkey" in Cantonese, has a customer base of more than 350 banks and credit unions, according to the company.
Finastra is owned by Vita Equity Partners, an Austin-based private equity firm. Founded in 2017 through the combination of software companies D+H and Misys, Finastra sells a variety of financial software products.
Finastra executives said the acquisition of Malauzai Software was a logical step, because the companies were already partnering in some areas.
“Credit unions and community banks are the fabric of American financial services. We strive to help them realize the benefits of digital transformation – including being able to deliver outstanding experiences right across their consumer and business customer lifecycles,” Simon Paris, CEO of Finastra, said in a written statement. “Together, our two companies deliver a fully integrated open core platform for payments, lending and digital, across Finastra’s 4,500-strong U.S.-based community market customers and Malauzai’s non-core U.S.-based customers. We value Malauzai’s market leadership and its open approach, which is in perfect alignment with our open platform vision.”
Shen, CEO of Malauzai, said his team is “extremely excited for the next chapter of our story with Finastra.”
“Together we have a deep understanding of the community banking space. By combining a best-in-class core experience, backed by leading innovative mobile and Internet banking capabilities and our mobile-only design approach, community financial institutions win,” Shen said in a written statement. “The acquisition creates a compelling proposition for our existing customer base and enables Finastra’s customers to deliver a seamless banking experience with a robust breadth of services, via a single provider.”
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