System integrator, Tripoint, has bought Melbourne-based business consultancy outfit, Platinum Insight, for an undisclosed sum.
All of Platinum’s consultants will transition to Tripoint and form a new division called Tripoint Financial Services that will focus on the banking industry, supplying business process implementation and support. It will be headed up by Platinum Insight managing director, Phil McFarlane, who will also retain equity in the business.
Platinum’s financial services expertise stretches across direct banking, core banking, commercial lending, wealth management, treasury, finance and operations. It also supplies key services spanning business architecture, information management, risk and compliance and business optimisation.
Tripoint managing director, Vaughan Stibbard, said its intention to acquire Platinum was based on building up its consulting services practice in the financial arena. Other key verticals it wants to build its business include education, telecommunications and mining.
“Coming out of the GFC we were focused on accelerating growth in a couple of areas and one was making sure we started to firm up our industry specialisations,” Stibbard said. “One of the primary decisions when we looked at acquiring was cultural fit and customers.”
Platinum’s application capabilities spread across Oracle Flexcube, MISYS Banking Solutions, SAP and Fidelity Solutions. Some of its customer base includes NAB, CBA, ANZ, Aozora Bank Japan, Fortis Bank, Lloyds, UBank and ComSuper.
Some of Tripoint’s vendor partnerships include SAP, Oracle, Cisco, EMC, HP, IBM, Microsoft and VMware.
Platinum Insight will come under Tripoint’s branding, and will bring across 15 staff, adding to its 100-strong base.
Stibbard said Platinum also provided more depth in the business intelligence space, and it was one of the areas it was looking to extend into. It will also be looking to add about six more staff to the financial services business.
He said it would look to develop and retain core staff around Oracle’s i-flex products.
“It creates a good market opportunity and we’ve got the ability to source those resources and cross-train,” he said.
Stibbard didn’t rule out further acquisitions down the track, particularly within the managed services arena.
“There will be some opportunistic acquisitions that will be presented as a result of the fallout from the GFC,” he said. “We’ll look for the right style of fit and see how we can integrate them into our business.”