Financial software company Misys has boosted its retail banking offerings by purchasing IND Group for an undisclosed price.
IND Group is a Hungarian-based company that provides online and mobile banking, personal finance management and payment technology. This acquisition builds on the partnership the two companies signed last March.
Overall, the transaction was made to ensure that more Misys customers can gain a competitive edge in digital banking, Misys says in a Feb. 10 press release.
Personal banking through a mobile device is very popular right now as more than half a billion people bank through mobile devices, and that population is forecasted to double over the next four years, says Nadeem Syed, CEO of Misys, in the release.
IND's suite of pre-integrated solutions is now available to all of Misys 500-plus banks and financial institutions that use the London-based software provider's products to run their businesses.
"This deal reinforces our digital banking proposition in this rapidly expanding area by adding consumer-oriented solutions to our offering," Syed says in the release. "It helps us grow our business following six straight quarters of revenue growth and secure our position in banking."
Last year, IND Group entered a partnership with PayPal to allow consumers to make person-to-person payments from a bank's online banking site.