Financial software firms merge to form Fusion Acusoft
Blog: Solitaire Consulting Blog
Fusion Systems Limited and Acusoft Limited have recently merged to become Fusion Acusoft. This consolidation sees the two innovative organisations creating a single financial services focused software development business with specialist wealth management and tax reporting products from the Flyingboat and Acumen brands. The new company will develop and support all existing software applications and continue to deliver excellent customer support and progress for an evolving product set to meet the increasing challenges of the financial services industry.
The merged business still has a core Channel Island client base although clients now number over 150 organisations and these are located in more than 20 jurisdictions. The larger scale and resources of Fusion Acusoft provide additional impetus for further growth through a program of continued investment in product development and the adoption of new technologies. The business is committed to all of its current products and is developing a road map for the introduction of new technologies and updated products in the coming months. As a result, the new business is now able to provide a real alternative to the larger less flexible software providers operating in the same space.
Fusion Acusoft now offer software solutions to a broad range of financial services organisations encompassing Trust and Company administration, Fund administration and Pension administration. Additionally products in the Regulation Technology space (RegTech) including Flyingboat Tax Data Exchange a global solution for FATCA and CRS Tax reporting software, and tools for interacting automatically with the Jersey Registry are becoming
increasingly important in the product portfolio.
Fusion Acusoft’s Managing Director Alan Rowe is joined by Gary Munro as a fellow Director of the business. Alan Rowe, reiterated that the deal brings together like-minded, client focussed teams. “We have known Acusoft for many years and we’re delighted we are now one.”
The combined business will bring together the respective strengths of both businesses and we will have a full suite of innovative and proven products with a real focus on client service.”
Alan Rowe, Managing Director
Gary Munro, added that merging with Fusion brings real benefits to clients. “Acusoft’s business has been built on long-term relationships with our clients. Our clients operate in a highly competitive and regulated industry and we strongly believe that being part of a larger group will enable us to continue to deliver outstanding products and support to our clients even better than ever.”
With developments to follow that will focus on driving down the cost of doing business through process automation in areas like Client on-boarding and utilising robotic automation of processes, there is a lot of new technology to come.”
Gary Munro, Director
There has been a lot of change in the trust and corporate services software space in recent years. It is now dominated by two large vendors which has led to a reduction in choice for the customer. This merger has the potential to provide a real alternative. It will be really interesting to see the strategy for the new business and how they will position themselves against their competitors.
With the larger user base and with support for trust, funds and pensions, I can see the Acumen product dominating. In the future it could become the core database supporting an eco-system of complimentary products including the Flyingboat suite of tax data exchange and other regulatory reporting products. However, it is clear from the new Fusion Acusoft website (www.fusionacusoft.com) that both Acumen and Flyingboat Wealth Management System (fb-WMS) are continuing.
There are other emerging products hoping to become the ‘best of the rest’ in the tier below the two market leaders and it will be very interesting to watch developments and see which of these succeed. Maybe one of these can join TrustQuay and Viewpoint or even surpass one of them in the quest to be the best?
Rest assured I will continue to monitor the market, bringing news and my own commentary on any new developments.
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