Auckland-based financial technology company Finzsoft Solutions Limited have reached an agreement for Sush Global Solutions Limited to become a wholly-owned subsidiary of Finzsoft.
Sush Mobile is a mobile innovation firm that specialises in emerging and disruptive technologies with a diverse portfolio of clients across the finance, agriculture, central and local government and retail sectors.
The Sush Mobile deal is part of a planned approach for Finzsoft to build next generation capabilities and reinforces the Fintech company’s commitment to leading the development of transformational products for the banking and finance sector, says Finzsoft Managing Director, Andrew Holliday.
“Sush Mobile is a proven, successful and profitable mobile provider," Holliday adds.
"The acquisition of Sush Mobile will provide a diversified income stream for Finzsoft along with access to comprehensive in-house enterprise mobility solutions that will give us a competitive, innovative edge, and a positive material impact both on revenue and bottom-line.”
Finzsoft provides the mission critical software that runs banks and financial institutions. Together, Sush Mobile and Finzsoft will leverage ‘mBank’ solutions to respond to the key current disruptive trends in banking – O2O (Online to Offline), IoT (Internet of Things) and Customer Centricity.
The two companies have previously partnered to develop Finzsoft’s Seal the Deal app and mobile banking apps that Finzsoft has sold into local building society and credit union clients, as well as St George Bank in Australia as part of the company’s latest material work orders.
CIO, Online and Mobility for Westpac Australia, Dhiren Kulkarni, who has been a Finzsoft customer since 2005, says the whole world is moving toward mobility and doing everything on the go, including anything to do with your bank – be it payment, service, quote or purchase.
“Currently 50 to 60% of our enquiries and payments come via mobile," he says.
"This number is growing every day because a device is always to hand. With Finzsoft being a largely online system at this stage, the mobile offering is critical to Finzsoft and its customers."
Sheenu Chawla and Sulabh Sharma, who co-founded Sush Mobile in 2009, say they welcome the deal which will give the New Zealand tech start-up access to global markets and Finzsoft’s proven back-end technology.
“Finzsoft is known for its maturity and integrity in the financial sector, and although we deal with customers outside of the financial sector, we both have a target market of enterprise customers, so there are good synergies,” Sharma adds.
“To complete every innovation story there has to be an integrated, connected system at the back-end.
"This is Finzsoft’s strength, which combined with our mobile innovations will provide better servicing for customers with more innovative channels for clients."
Holliday says that Sush Mobile are real leaders in what they do and it is Finzsoft’s intention to preserve the company’s unique culture and identity.
“Sush Mobile have a talented, young and tech savvy team of 30 plus people, and we want to retain the ideals of its startup culture, while providing opportunities for growth,” Holliday adds.
The Sush Mobile deal comes just a month after Finzsoft announced the appointment of Gen-I’s Hugh McKellar to the position of Chief Operations Officer, and in a year that has seen strong profit growth following a change in leadership and the first material work orders from long-term client, St George Bank in Australia.
“2014 has been a real growth year for the business with steady work orders from tier one banking and finance clients,” Holliday adds.
“With Sush Mobile and Hugh McKellar onboard, along with increased staff numbers, Finzsoft is well positioned to become the leading asset-backed finance and software vendor in the Asia-Pacific region.”