Australian GBST acquires UK tech firm

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Global Banking & Securities Transactions (GBST) is to acquire securities technology firm Coexis.

By acquiring Coexis, GBST hopes to be able to broaden its portfolio of products and services and continue with its expansion plans.

Sunis Shah, chief executive of Coexis, said he believed that its Syn technology could provide GBST with a solution that would allow them to bring future products to market quickly.

Mr Shah explained the benefits of the deal to GBST: "This deal would significantly increase GBST's global reach and expansion via Coexis' existing international customers, prospects and distribution channels."

Coexis will continue to undertake projects with its partners in Asia such as Serisys Solutions Limited and will maintain relationships with correspondent clearer which provide white labelled services.

Listed on the Australian Securities Exchange in June 2005, GBST has over 250 staff in offices across Ausralia and London.

GBST provides securities transaction and fund administration software for the financial services industry. The company has two divisions; GBST broker services and GBST wealth Management.