Finzsoft Solutions Limited (NZX: "FIN") announces that its wholly-owned subsidiary, Finzsoft Solutions (New Zealand) Limited ("Finzsoft") has entered into a Master Services Agreement ("MSA") with Datacom Systems Limited ("Datacom").
Finzsoft has agreed to transfer to Datacom its existing staff from its Services division and Datacom will provide to the Finzsoft group software support and development services.
Datacom will establish a FinTech Centre of Excellence for Finzsoft and a dedicated systems integration capability, and will undertake continuous improvement in relation to the services to be provided.
FIN has undertaken this transaction to allow the Finzsoft group to have a sustainable, scalable and flexible arrangement to provide to the group and its customers software support and development services.
Datacom was chosen to enter into the strategic relationship with the Finzsoft group as Datacom is a New Zealand leader in applications development and infrastructure provisioning and management, able to provide software support, development and professional services to the Finzsoft group not only in New Zealand and Australia but also in Asia through its regional offices.
FIN considers this relationship between two market leading, New Zealand-born, technology firms will create new synergies between the two companies, creating significant value for both organisations and providing greater flexibility for the Finzsoft group.
Datacom is currently assisting Finzsoft to enhance Finzsoft's offering of its leading digital - API core and vertical banking software products and its "software-as a-service" offerings.
It is currently envisaged that FIN will seek to raise further capital to fund its expansion plans for Australia and Asia in respect of its disruptive technology, particularly in the credit union, digital – API banking and SaaS areas.
Contact details regarding this announcement:
Finzsoft Solutions Limited
Telephone: +64 9 571 6800
About FIN: Auckland based FIN is a financial technology company which specialises in ‘core banking’ software and solutions to run financial institutions like banks and credit unions.
About Datacom: Datacom is one of New Zealand's oldest and most successful technology companies, with a proven track record spanning over 53 years. It has circa 5,200 staff globally, over 35 offices in six countries, including over 1,000 software developers in New Zealand and a scalable international capability. Datacom's annual turnover exceeds NZ$1.2 billion.