Finastra offloads Fusion Summit treasury business in China, Macau and Hong Kong
CloudWing Network Technologies, a subsidiary of Hundsun Technologies, has acquired the rights to Finastra’s Fusion Summit product and book of business in mainland China, Hong Kong and Macau.
CloudWing Network now owns the rights to Summit in mainland China, Hong Kong and Macau
CloudWing Network will develop, license and deploy the Fusion Summit treasury management solution for customers in these markets and develop a Chinese version of the solution.
Fusion Summit is a longstanding treasury management solution used by large and medium-sized financial institutions, supporting currency markets, capital markets, foreign exchange transactions and derivatives markets operations.
The company confirms that Finastra will continue to develop Summit for its customers internationally and will provide continuous product upgrades and support to CloudWing Network.
Earlier this year, Hangzhou Hundsun Lirong Software (also a Hundsun Technologies subsidiary) bought the rights to another one of Finastra’s well-established treasury and capital markets (TCM) offerings, Fusion Opics. It bought the Opics product and book of business in mainland China, Hong Kong and Macau and produced its Chinese version, Hundsun Mangos.
Peng Zhenggang, chairman of Hundsun Technologies, says the company will continue to acquire software products from abroad to integrate with the local financial market.
Finastra has been operating in the region for nearly a decade. It has a sizeable portfolio of TCM solutions it has accumulated via mergers and acquisitions.
It’s understood Finastra has been looking for a buyer for its TCM business for a while. Barron’s reported earlier this year that it produces $300 million in revenue.
Around two years ago, Finastra’s owner Vista Equity Partners tried to offload up to 50% of its stake in the banking tech vendor, reportedly valuing the company at $10 billion at the time. However, the endeavours were shelved in spring 2020 due to the pandemic.
