Mumbai: Infosys Technologies Limited's banking business unit has acquired the Trade IQ product division of US-based IQ Financial Systems Inc in an all cash deal of $ 3.9 million.

"According to the terms of the agreement, Infosys banking group will acquire, in addition to the product, all assets and trained and skilled manpower, which includes Trade IQ domain experts," Infosys Technologies' head of banking business unit, Girish Vaidya told reporters on June 20.

The group, with this acquisition, would also have ready-to-operate offices with employees in London and Tokyo, he added. The suite of products acquired from IQ Financial Systems include, Trade IQ - an Integrated Treasury System, Limits IQ - Limits Management System and Desktop Risk IQ.

The acquisition brings to Infosys Banking Group's fold the existing Trade IQ clients of the US company, which include some of the top tier and largest commercial and investment banks of Europe, Japan and US with installations in UK, US, Switzerland and Japan, he said.

Vaidya said the Rs 103 crore banking division of Infosys offers software products to retail and corporate banking operations across the globe. This acquisition would provide the company a strategic advantage of being able to target the wholesale and investment and banking segment as well, Vaidya added.

PTI