Wall Street Systems acquires Aleri Global Banking

by Gill Montia

Story link: Wall Street Systems acquires Aleri Global Banking

Wall Street Systems, the treasury and trading software company, has agreed the acquisition of Aleri Global Banking (AGB), for undisclosed terms.

AGB is a subsidiary of Aleri Inc and has been providing software to banks and financial service firms for over 20 years. It currently processes over $10 trillion worth of transactions each month.

The firm’s products include Atlas, Global Banking Solutions, Continuous Link Settlement Server and Money Transfer.

On completion of the transaction, Aleri staff will transfer to Wall Street and the product names will remain, but will be Wall Street branded.

The disposal is in line with Aleri Inc’s strategy of focusing on its complex event processing operations.

Joel Mandelbaum, president and chief executive of Wall Street Systems, is confident that the merger of businesses will be straightforward because culturally they are similar, although Wall Street has the capacity to handle high volumes and processes up to half a million transactions (valued at over $2 trillion) each day.

The deal is scheduled for completion by the end of May and integration is expected to be completed by the end of 2008.