Finzsoft extends Datacom relationship with $20m-plus deal

Press Release – Joint Press Release

Thursday 30 November, 2017 World-leading FinTech solutions provider, Finzsoft Solutions (NZX:FIN) has extended its relationship with technology and services firm Datacom to an alliance with the signing of a five-year, $20 million-plus deal.Finzsoft extends Datacom relationship with $20m-plus deal

Thursday 30 November, 2017 – World-leading FinTech solutions provider, Finzsoft Solutions (NZX:FIN) has extended its relationship with technology and services firm Datacom to an alliance with the signing of a five-year, $20 million-plus deal.

The strategic alliance creates new synergies between the two companies and will see Finzsoft’s professional services division be managed by Datacom from 17 December this year.

Finzsoft Managing Director, Andrew Holliday, says the move will allow his company to focus on its core business of product development.

“The separation of Finzsoft’s core product development function from the professional services function will enable us to focus on strategic product development and delivering these to market. It also allows us to leverage Datacom’s market leading professional services arm to better align with the evolving needs of our customers.

“We believe that a deep product focus is the best way for Finzsoft to continue to meet the growing demands of modern financial institutions around the globe,” said Mr Holliday.

Datacom has long been involved in the banking sector. Auckland director Vernon Kay says the strategic alliance is a natural extension of Datacom’s relationship with Finzsoft.

“Our two firms share both a proud Kiwi heritage but also a customer-centric approach to innovation that keeps us relevant and agile. The strategic alliance is a clear reflection of Datacom’s proposition of using technology and services to free our customers to focus on their core business and strategic activities.

The FinTech sector is growing exponentially, and with this new relationship with Finzsoft significantly enhances Datacom’s capability and capacity in this area. Financial services is a key growth area for us,” Mr Kay said.

The strategic alliance will see Finzsoft’s professional services team hired by Datacom, although customer contracts will remain with Finzsoft. Both companies are working together to ensure a well-managed transition.

The FinTech sector globally and regionally is set for exponential growth. A recent report from Frost & Sullivan forecasted the Australian Fintech Sector will grow at a CAGR of 76.36% and reach A$4.2 billion by 2020, with sharp growth expected in 2017.
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