Financial technology solution provider VSoft announced on Monday that it has acquired financial software provider Branch21 for an undisclosed amount at the BAI TransPay Conference and Expo. VSoft says this acquisition will enable the company to deliver its software solutions through an application service provider model using Branch21's data centres.
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Branch21 has been using VSoft's software solutions to provide managed services to banks throughout the US since 2000. Solutions offered include proof of deposit with image exchange, research, archive, statements, branch capture, teller capture and merchant capture. Branch21 also offers outsourced core banking services based on Information Technology, Inc technology, says the company.
The acquisition comes after a successful year of growth and change for VSoft with a revenue increase of 35 percent, says the company.
"VSoft realised a growth in customer base as well as internal infrastructure expansion during 2007," says Murthy Veeraghanta, president of VSoft. "The acquisition of Branch21 positions VSoft for more growth in 2008 and the years to come. Our entry into the managed services business allows VSoft to complement our already broad solution portfolio with versatile delivery."
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