IT2 Treasury Solutions has been sold to Wall Street Systems by Nordic investment outfit CapMan.

IT2 provides treasury management software and services for small and mid-sized financial institutions. It is headquartered in London and has offices in Copenhagen, Amsterdam, New York and Hong Kong. CapMan Funds invested in the company in July 2007.

“IT2 was a very successful investment for the CapMan Technology 2007 funds and we are pleased with the opportunity to develop the company into a significant treasury management service provider. We invested in IT2 primarily because of the company’s competitive product, strong reputation and international growth opportunities. The business has developed even faster than we initially expected, especially in the United States, and profitability has remained high throughout the CapMan investment period,” says chairman Tommy Valther Hansen.

“The company’s prospects to continue its successful operations as part of a larger group remain excellent,” comments IT2 CEO Kevin Grant.

Wall Street Systems is well known in the industry for acquiring standalone treasury management technology vendors, notes Bob Stark, VP Strategy, Kyriba. "From an outsider’s perspective, it will be interesting to see which products Wall Street Systems will keep from this acquisition, and which products it will be looking to replace in its existing portfolio. In particular, I will be interested to see if this will spell the end of City Financials’ brief run in Wall Street Systems’ portfolio," he observes.

Terms of the deal were not disclosed.

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