Cognizant acquires fintech software firm Meritsoft

Cognizant's net profit declined 29 percent to $361 million in the June quarter due to COVID-19 pandemic (Image Courtesy: Wikimedia Commons)

IT major Cognizant on Tuesday said it has acquired Meritsoft, a privately-held financial software company based in Dublin, Ireland.

Meritsoft, which offers solutions for post-trade processing, counts five of the world's eight leading investment banks among its clients, Cognizant said in a statement.

Financial details of the transaction were not disclosed.

Sean Middleton, president at Cognizant Accelerator said banking and financial services is one of the largest industries that Cognizant serves.

"Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era," he added.

By becoming part of Cognizant, Meritsoft will have access to Cognizant's knowledge, resources and scale to accelerate growth as it continues to innovate on its FINBOS platform for post-trade solutions, Meritsoft co-founder and CEO Kerril Burke said.