Inversis Enters Agreement with BME to Acquire 100% of Openfinance

Inversis, a Banca March 100%-owned subsidiary specialising in providing global solutions for institutional clients in the financial asset distribution business, has reached an agreement with BME, a SIX Group company, for the complete acquisition of Openfinance. This firm offers technological tools for the provision of comprehensive reporting, advisory and discretionary portfolio management services, and has a presence in Spain, Andorra, Portugal, Mexico, Costa Rica, Panama, Colombia and Chile.

With this transaction, Inversis strengthens its offering to provide its institutional clients with additional value-added services, especially necessary at a time when the new regulatory changes affecting advisory and discretionary management require asset management companies to have tools that allow them to provide their clients with maximum transparency in the management of their portfolios.

The purchase of Openfinance by Inversis implies the acquisition of the software, know-how and more than 20 years' experience of the firm, which boasts a highly specialised team. The services provided by both companies will be fully integrated. Inversis has retained Deloitte as financial advisor for the transaction.

Alberto del Cid, CEO of Inversis, stated: "We continue to strengthen our local and global positioning as a leading company in investment technology solutions for our institutional financial clients, on this occasion adding a tool for reporting, advice and discretionary portfolio management, which allows us to reinforce the matrix of products and services in the financial asset distribution business. We are thus taking another step forward in our strategic ambition to grow, both in terms of clients and product and service offerings, in Spain and in other markets. With this objective in mind, and based on the premise that they are synergistic with our business model and compatible with our relationships with third parties, we will continue to analyse all opportunities that come our way."

Javier Hernani, CEO of BME and Head of Securities Services at SIX said: "Openfinance has been part of BME for the last 12 years and we are very pleased with its track record and international expansion in Latin America. As part of SIX's ongoing business evaluation and growth strategies, we will continue to analyse business opportunities and invest in the market infrastructure value chain."