Following the announcement of its intention to buy Coexis at the start of November, GBST, an Australian provider of securities transaction and fund administration software, has finally completed the acquisition. The vendor indicates that it has satisfied all the regulatory and legal requirements of the deal and will have a combined workforce of around 350.
Terry Williams, formerly executive chairman of Coexis will join the board of GBST and Sunil Shah, previously CEO of Coexis, will join the GBST executive team as CEO of Global Broker Services. The vendor says it will consolidate its UK operations with Coexis and UK Wealth Management (formerly Infocomp, which GBST acquired in August 2007) sharing a common infrastructure and corporate services in London.
Shah explains the next steps: “The goal now is to rapidly extend GBST’s global broker services by bringing to fruition our very strong sales pipeline and beginning the transition of all institutional broker services to a common technology platform.”
GBST indicates that it will continue to operate three core areas with the following four business units: Australian Broker Services, Wealth Management, Global Broker Services and Financial Services. The Global Broker Services business unit is based on Coexis’ Syn~ platform, which processes equities, derivatives, fixed income and managed funds transactions.