Delhi-based software solutions provider for financial markets Dion Global Solutions has acquired remaining stake in Germany-based Swissrisk Financial Systems, a software specialist, for an undisclosed amount, as per a stock market disclosure.
Dion Global, earlier called Religare Technova, is owned by billionaire brothers Malvinder and Shivinder Singh, promoters of Religare Enterprises and Fortis Healthcare.
It had acquired the controlling stake in Swissrisk in Jan 2012 for an undisclosed amount. The company got renamed as Dion Global Solutions GmbH.
In Feb 2012, Mahindra Satyam, now part of Tech Mahindra, acquired 15.97 per cent stake in Dion Global Solutions Ltd for $7.03 million (Rs 35 crore) through the preferential allotment of shares.
“As well as an extensive product portfolio, we have also inherited a first class team of employees and a blue-chip client base and therefore it made sense to complete the investment earlier than originally planned. We are confident that this will help us continue to expand our solution suite and market share across the region and the globe, said Ralph Horne, CEO at Dion.
Shares of Dion closed at Rs 91 each, up 3.53 per cent on BSE in a weak Mumbai market on Thursday.
Dion’s other deals include C2L Biz Solutions, which provides technology solutions focused on the insurance industry; healthcare IT solutions business of Bangalore’s Sobha group and wealth management and stock broking software specialist Investmaster.
Dion provides solutions across investment, retail and commercial banking, institutional trading and investment and private client wealth management and stockbroking. The firm has over 550 clients in more than 80 countries supported by its over 600 employees including more than 250 in product development.