Oracle has acquired Californian software house Treasury Services (TSC) for $120 million to bolster its financial services offerings.
The privately held software company sells an asset/liability management product called Treasury Services Evaluation and Reporting System (TSER), which will be integrated with Oracle Financials. Steve Rogers, head of financial services at Oracle UK, said: ?The acquisition puts us six months ahead of the competition.? TSER is already being used by around 80 financial institutions around the world.
The software is used to perform tasks such as funds transfer pricing and peformance reporting; budgeting and forecasting; acquisition valuation and analysis; interest rate risk management; and customer profitability analysis.
Oracle will retain all TSC's 140-strong workforce, as well as maintaining a development and operations facility in Santa Monica, California.
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