Infinea Group, a diverse global technology and FinTech services group, today announced that it has completed the 100% acquisition of UK-based IMX Software Group in a deal that adds fintech and regtech products, and a list of long term, blue-chip banking and money service clients to its portfolio as well as adding established London, UK and Melbourne, Australia locations.
IMX solutions are deployed globally in major banking and money service organisations including Thomas Cook, American Express, ANZ Bank, Bidvest, Credit Suisse, Commerzbank, RBS Group, Moneycorp, Change Group, Rand Merchant Bank, FOREX Bank, Travel Money Group and the Central Bank of Zambia.
Following the transaction, the head office of Infinea Group will move from Johannesburg to London in order to facilitate growth in overseas markets including Europe and the USA.
Infinea maintains several brands in technology, services, and payments including:
- Nacelle: a joint venture with Comair Ltd, one of Africa’s leading airline and aviation services groups, and owner of the regional British Airways franchise as well as low cost carrier Kulula.com, and regional aviation support companies. Nacelle operates all of the technology services, digital development, ground-side and air-side technology operations for Comair and its brands, and owns all airline and payments IP developed by one of Africa’s most successful airlines.
- InfineaPay: a modern payments provider created to allow every member of society to participate in digital commerce, with technologies to power issuance, acquiring of e-commerce, as well as multi-tiered payments models.
- InfineaLabs: provides all engineering and dev-ops services for all brands in the Infinea Group, and also makes its services available to outside customers at competitive rates, delivering modern, customer oriented, technology solutions from a wealth of talent and proven technology to a broad range of industry sectors.
As a result of this transaction, the IMX Software brand will be expanded upon, with the current executive management team remaining in senior roles within the new Infinea Group structure. As part of Infinea, the IMX Software team will be able to access new investment, incremental technical resources, new global markets and an advanced 24/7 software and services support organisation.
Fred Baumhardt, Infinea CEO commented that “Infinea is committed to building on IMX’s market leading specialisations and we will expand its financial services offerings, as well as consolidate other FinTech solutions under the IMX Software brand to bring all of Infinea’s financial technology innovations under one organisation with a proven track record of service delivery to customers in over 25 countries.”
Bill Tickner, IMX Software CEO said “the acquisition by Infinea represents an exciting new phase for IMX and the team is already contributing to the creation of a larger fintech solutions and service delivery organisation. Existing customers will be unaffected by this change as the IMX companies in the UK, Australia and South Africa will remain and become part of the Infinea Group. Ian Goodall, IMX’s COO, will provide continuity and maintain overall responsibility for the IMX portfolio, whilst ensuring IMX’s engineering and project excellence are maintained and expanded upon.”