Stefanini Group's financial solutions arm buys US-based banking software company Cobiscorp

Cobiscorp is one of the leading providers of banking systems worldwide and has a relevant customer base in South America

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Topaz, the financial solutions arm of the Brazilian Stefanini Group, announced the purchase of a majority stake in Cobiscorp, a US-based banking software company that has established a substantial customer base in the Americas (more than 70 financial institutions), including South America and some of the leading banks in Argentina, Bolivia, Colombia, Ecuador, Guatemala, Mexico, and Panama.

In a press release, the group said that this is its second-largest acquisition – Topaz’s third – and that the deal (whose value was not disclosed) demonstrates “the company’s strength to expand its portfolio in Latin America, which includes end-to-end solutions for the financial journey.” In the statement, Jorge Iglesias, CEO at Topaz, said that the acquisition of the company and its digital platform, called COBIS, will make Topaz a leader “in banking software to serve small, medium and large institutions across the region, ” with the “largest and most complete solution platform for the financial market in Latin America, including Brazil.”

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Jorge Iglesias, CEO at Topaz, the financial solutions and M&A arm of Stefanini Group. Photo: Courtesy.

Cobiscorp offers several cloud solutions with varying levels of flexibility that allow for high customization of services, setting up the entire banking structure for the client, from the current account to core banking – Topaz’s services are broader and can complement this journey. “We have a great presence in the American continent, and we want to grow much more from this union with Topaz. Our solutions are synergistic and will allow financial institutions to transform themselves in order to achieve more agility and efficiency, promote transformation and add real value to their business network and customers,” said Cobiscorp CEO William Moss in the statement.

According to Topaz, Cobiscorp’s portfolio is widely used by microfinance companies and will diversify Topaz’s range of offers, which, in turn, is broader. Therefore, the gain of scale is the biggest asset of the acquisition, in addition to the (now) global presence of Topaz.

Among Cobiscorp’s main clients are the banks Macro, Hipotecario and Banco de Valores, in Argentina; Banco FIE, in Bolivia; FNA, Banco Agrario and Davivienda, in Colombia; Banco Cuscatlán, in El Salvador; BanEcuador, General Rumiñahui and Finca banks, in Ecuador; Terrabank in the United States; Ficohsa, in Guatemala; TuiioSantander, Mexico; Towerbank, Capital Bank and Global Bank in Panama, in addition to BanCaribe in Venezuela.

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According to Iglesias, the next step is to take Topaz’s solutions to new markets like the United States and Europe. “With the new acquisition, we reached more than 250 clients using our technology, and more than 1,000 employees dedicated to Topaz platform, capable of promoting the digital transformation of our clients’ businesses. We will be the only full banking platform to offer unique and comprehensive solutions, in addition to complete and quality journeys, combining our state-of-the-art technology with the vast experience of over 30 years in the financial sector.”

With an annual growth of 30% in the number of clients in Brazil and Latin American countries, Topaz is part of the Stefanini Group, which in 2021 reached the mark of BRL 5 billion ($1 billion) in sales. “The pace of growth will remain strong in 2022,” guaranteed Marco Stefanini, Global CEO of Grupo Stefanini, in the statement.

According to Marcelo Louro, Global CFO of the Stefanini Group, the Brazilian multinational receives around 30 acquisition proposals per month, analyzed by the global investment committee. The focus is both on companies that bring new skills, competencies, or products to the innovation ecosystem, as well as regional expansion and consolidation in strategic markets.

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