Story image

Datacom expands fintech footprint with $20m deal

04 Dec 17

The global fintech sector is set to boom, according to a recent report from Frost & Sullivan.

The report predicts that the Australian fintech sector will grow at a CAGR of 76.36% and reach A$4.2 billion by 2020, with sharp growth expected in 2017.

Capitalising on the trend, Datacom has signed a five-year deal with Finzsoft Solutions, a fintech solutions provider – and it’s worth over $20 million.

The alliance will see Finzsoft’s professional services division taken over by Datacom from 17th December this year.

While Finzsoft’s professional services team will move to Datacom, customer contracts will remain with Finzsoft.

Finzsoft managing director, Andrew Holliday, says the move will allow his company to focus on its core business of product development.

“The separation of Finzsoft’s core product development function from the professional services function will enable us to focus on strategic product development and delivering these to market.”

“It also allows us to leverage Datacom’s market leading professional services arm to better align with the evolving needs of our customers.”

“We believe that a deep product focus is the best way for Finzsoft to continue to meet the growing demands of modern financial institutions around the globe,” adds Holliday.

The company’s Auckland director Vernon Kay says the deal is a natural extension of Datacom’s relationship with Finzsoft.

“Our two firms share both a proud Kiwi heritage but also a customer-centric approach to innovation that keeps us relevant and agile.”

“The strategic alliance is a clear reflection of Datacom’s proposition of using technology and services to free our customers to focus on their core business and strategic activities,” Kay adds. 

“The FinTech sector is growing exponentially, and with this new relationship with Finzsoft significantly enhances Datacom’s capability and capacity in this area."

"Financial services is a key growth area for us.”

How blockchain will impact NZ’s economy
Distributed ledgers and blockchain are anticipated to provide a positive uplift to New Zealand’s economy.
25% of malicious emails still make it through to recipients
Popular email security programmes may fail to detect as much as 25% of all emails with malicious or dangerous attachments, a study from Mimecast says.
Human value must be put back in marketing - report
“Digital is now so widely adopted that its novelty has worn off. In their attempt to declutter, people are being more selective about which products and services they incorporate into their daily lives."
Wine firm uses AR to tell its story right on the bottle
A Central Otago wine company is using augmented reality (AR) and a ‘digital first’ strategy to change the way it builds its brand and engages with customers.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."