IBM takes control of $1.3 billion ADTS business

http://finextra.com/news/fullstory.aspx?newsitemid=25520

ADTS currently runs a portfolio of signed sourcing contracts at a total value of $1.3 billion over seven years.

IBM says it will rename ADTS as Innovative Solutions for Finance (ISFF), and implement a cloud-based infrastructure to push the business into new markets.

Luxembourg-based Dexia – severely impacted by the credit crunch and subsequent sovereign debt crises – has been selling off assets and breaking up the business under a resolution programme agreed with the European Commission in 2012.

Building upon their existing customers and leveraging cloud-based solutions will bring new opportunities for revenue and scale, it will be interesting to see if there will be future announcements in this space.

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