Software firm buys out tech company

A FINANCIAL technology firm which launched a Birmingham hub in 2016 has been acquired by a global software group.

Lombard Risk, which opened in Alpha Tower, has been bought by Tunisia-based Vermeg which specialises in banking and insurance software products.

Vermeg has offices in France, Belgium, Luxembourg, Spain and the Netherlands and annual revenues of around £47 million.

Lombard Risk was founded in 1989 and also has offices in New York and the Far East.

Chief executive Alastair Brown said: “We believe the combination of Lombard Risk and Vermeg will create a powerful, global financial services software champion and we strongly believe the new group will be well positioned to generate and seize exciting opportunities in the future.

“Our dedicated focus on the collateral management and regulatory reporting industries will continue while opening access across the group to the markets in the UK, North America and Asia-Pacific.

“Vermeg’s financial markets, securities services, pensions, insurance and wealth and asset management business are highly complementary and will give the combined group a significantly strengthened portfolio, which will enable us to make an even bigger difference for existing and future clients.”