26/03/2008

Accountis investment successfully realised

Finance Wales has successfully realised its investment in North Wales-based Accountis, following its original £500,000 investment.


Accountis, which provides secure financial document exchange and payment systems to companies globally, has been acquired by NASDAQ listed Fundtech. Fundtech has paid £3.8 million for the acquisition and will pay an additional £2million over the next three years based on the financial performance of Accountis. Finance Wales, which provides commercial funding to SMEs in Wales, has previously made three funding rounds into Accountis and will re-invest the sale proceeds into other Wales-based SMEs through future investments.

Bangor-based Accountis has grown rapidly with more than 700 customers globally now using its web-based systems to provide electronic financial document exchanges and payments. The company’s electronic financial document exchange and payment solutions automate the way companies interact with one another through their accounts payable and receivables departments. This significantly reduces the time and expense involved with processing, paying and reconciling invoices.

Paul Lee of Finance Wales, said: “The acquisition of Accountis by Fundtech will allow the company to expand further into this high growth global market. It also provides a significant return on our investment which will be re-invested into other SMEs in Wales through our investment funds.”

Rhys Jones, founder and managing director of Accountis, said: “The investment from Finance Wales allowed to us to grow and compete within what is a tough global marketplace. We are pleased to become part of Fundtech’s global organisation and join forces to significantly impact financial supply chain automation.”

Notes to the editor


Accountis


Accountis provides secure financial document exchange and payment systems to companies globally. With state of the art security, the Accountis system provides all the functionality of an EIPP solution with the additional benefits of being able to manage, present and receive financial documents such as quotes, purchase orders, invoices, statements and manage payment associated with these documents. The trusted Accountis platform is compliant with relevant legislation worldwide to facilitate smooth cross-border trading. Processing over one million transactions every day, Accountis is used by many of the world's largest corporations.

Fundtech


With thirteen offices on four continents, Fundtech Ltd is a leading provider of software solutions and services to financial institutions around the world. The company develops and sells a broad array of products across the "financial supply chain" that enable banks to automate their corporate banking activities in order to improve efficiency, while providing their customers flexibility, convenience and control. Fundtech offers products in five business segments: payments, cash management, settlements, financial messaging, and post-trade securities settlement. Fundtech is a publicly traded company, listed on NASDAQ (FNDT). The company was founded in 1993.