Story image

Datacom expands fintech footprint with $20m deal

04 Dec 2017

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.”

Better data management: Whose job is it?
An Experian executive’s practical advice on how to structure data-management roles within a modern business environment.
Platform9 and Intersect partner to bring unified cloud to A/NZ
“For Intersect, Platform9 represents the single most strategic solution to a set of challenges we see expanding across the board."
Meet the future of women in IT
Emily Sopers has just won Kordia’s first ever Women in Technology Scholarship, which was established to address gender imbalance in the information and communications technology (ICT) sector.
Web design programmers do an about face – again!
Google is aggressively pushing speed in the mobile environment as a critical ranking factor, and many eb design teams struggling to reach 80%+ speed scores on Google speed tests with gorgeous – but heavy - WordPress templates and themes.
Digital spending to hit US$1.2 trillion by 2022
A recent study by Zinnov shows that IoT spend reached US$201 billion in 2018 while outsourcing service providers generated $40 billion in revenue.
'Iwi Algorithm' can grow Aotearoa's mana
Ngāti Whātua Ōrākei innovation officer Te Aroha Grace says AI can help to combine the values from different cultures to help grow Aotearoa’s mana and brand – and AI is not just for commercial gain.
Dropbox brings in-country document hosting to A/NZ & Japan
Dropbox Business users in New Zealand, Australia, and Japan will be able to store their Dropbox files in-country, beginning in the second half of 2019.
Why 'right to repair' legislation could be a new lease on life for broken devices
“These companies are profiting at the expense of our environment and our pocketbooks as we become a throw-away society that discards over 6 million tonnes of electronics every year.”