Banco Santander, S.A. (BME:SAN) introduced on Friday it has acquired the bulk stake in Mercury TFS, a Spain-based firm that makes a speciality of software program options that automate the end-to-end administration of commerce finance transactions for company prospects, for €30 million.
In accordance with Banco Santander, the transaction will strengthen its worldwide commerce provide and consolidate its place because the financial institution of selection for SMEs and company firms with worldwide operations. Santander additionally reported that one third of its funding into Mercury TFS might be “earmarked” to subscribe for brand new shares, which is able to inject funds into the corporate to allow new companies and increase progress in buyer numbers and markets. Moreover, Santander has used Mercury TFS’s companies in Spain, Mexico, Chile, and Germany for years.
The Head of Santander’s International Funds Providers, Javier San Félix, acknowledged that the funding additionally accelerates the corporate’s plans to construct a service platform for SMEs and worldwide firms to raised serve our prospects worldwide, with its companies within the UK and Portugal to start utilizing it at year-end by means of International Commerce Providers (GTS), Santander’s international commerce platform. Santander then added:
“GTS gives providing worldwide funds, foreign money trade, commerce finance and multicountry accounts to SMEs and firms conducting worldwide enterprise. Mercury TFS has versatile, open and cloud-ready structure that may be seamlessly built-in into open monetary platforms and with modular design, reminiscent of GTS.”