Tech Mahindra buys Finastra's cash management suite to expand portfolio

Tech Mahindra has acquired Finastra's Cash Management product suite to strengthen its banking solutions portfolio. Financial details were not disclosed. | Image: Company's Website

IT services major Tech Mahindra today announced that it has acquired Finastra's Cash Management product suite, comprising Fusion Cash Management (FCM), Fusion Virtual Accounts (FVA) and Fusion Liquidity Management (FLM). The financial details of the deal were not disclosed.

The acquisition positions the product suite for continued investment, innovation and growth under Tech Mahindra's Banking, Financial Services and Insurance (BFSI) solutions portfolio. It also aims to ensure continuity for existing customers through sustained platform access, ongoing services and customer support, along with the transition of experienced product engineering and customer success talent to Tech Mahindra.

"The acquisition of Finastra's Cash Management product suite strengthens our banking products portfolio and expands our ability to support financial institutions across critical cash and liquidity management needs," said Anil Venuturupalli, SVP, Banking Group and Chief Product Officer, Financial Services, Tech Mahindra.

He further added, "Through this acquisition, we are creating a strong foundation for continued innovation. Our focus is on evolving these capabilities to help banks address the growing demand for intelligent, connected and efficient cash management solutions."

The acquisition combines product IP ownership, an installed customer base, expert product and customer success talent, Tech Mahindra's Finastra Centre of Excellence, and the existing Tech Mahindra and Finastra partnership credibility. Together, these elements support customer continuity while creating a stronger foundation for future product-led growth in transaction banking.

"This is a good next step for these products, and, most importantly, for the customers who rely on them," said Ruchir Purwar, Head of Partnerships and Cross Selling Sales for Finastra. "Tech Mahindra brings deep banking and technology expertise and already knows our business well. We're confident they are well positioned to take these solutions forward and continue supporting customers as their needs evolve."

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