Gresham Technologies acquires Electra for $38.6 million

By Leandra Monteiro

Gresham Technologies plc, a global FinTech that specialises in providing real-time solutions for data integrity and control, banking integration, payments and cash management, today announced the closing of its acquisition of Electra Information Systems, Inc.

First announced in May 2021, the $38.6 million acquisition reinforces Gresham’s market leadership position in reconciliation solutions for financial markets and strengthens the FinTech company’s rapidly expanding operations in North America.

This strategic investment follows Gresham’s successful acquisition of Inforalgo Information Technologies in July 2020 to enhance the firm’s regulatory reporting and connectivity capabilities. The deal will enable Gresham’s customers to benefit from a rich portfolio of cloud services, covering STP connectivity, data aggregation and control, matching and reconciliation, exception management, regulatory reporting, banking connectivity and payments.

Electra is among the top providers of post-trade automation solutions, with a focus on improving efficiency and mitigating risk for buy-side participants. The company has built a strong reputation for customer service, a deep understanding of the needs of the buy-side community, and a market leading presence in North America.

According to the companies, the combined business will be supporting 270 customers in 20 countries around the world and positions Gresham as one of the leading independent provider of data aggregation, control and reconciliation solutions to financial markets.

The deal reinforces Gresham’s strategy to deliver functionally rich solutions that can meet the exacting requirements of specific industry segments, asset classes and use cases, all on one enterprise-grade platform. Customers will benefit from the combination of Electra’s buy-side solutions and the power of Gresham’s Clareti platform.

John Landry, CEO at Electra, will support Gresham’s leadership team as an advisor to ensure a smooth transition. All other permanent Electra employees will join Gresham.

Commenting on the completed transaction, Landry said, “We’re delighted to be joining forces with Gresham. Since our plans were first announced last month, the reaction from our clients and our people has been overwhelmingly positive, and we’re excited to become part of a leading and trusted technology partner for banks, investment managers and other financial services firms across the world.”

Ian Manocha, CEO at Gresham added, “On behalf of everyone at Gresham, I’d like to welcome the entire Electra team into the business. We are committed to supporting Electra customers and products with the same levels of excellence that have been hallmarks of their business since its inception.”

Manocha continues, “Bringing together two market leaders with a shared vision, highly complementary offerings, and significant combined firepower in research and development will enable us to accelerate our innovation agenda and our ambitious global growth plans.”