Crealogix Agrees To Buy Digital Banking Solutions Provider Innofis

Crealogix has agreed to acquire Barcelona-based digital banking solutions provider Innofis for an undisclosed sum.

Established in 2012, Innofis is a self-financed company that provides digital banking solutions to the major banks in the Middle East.

The company provides digital banking solutions to three segments, including retail, SME’s and corporate.

The acquisition will add Crealogix with multiple new modules such as predictive analytics based on big data and advanced online campaign management with features such as geo-marketing.

The acquisition will also add comprehensive suite of specific modules for Islamic banking, functionality for business banking of SMEs and corporate, as well as SaaS based digital loyalty program.

Innofis’ clients include top tier Middle East banks such as National Commercial Bank (NCB) or Al Rajhi Banking Corporation.

Under the deal, Innofis’s staff of over 120 engineers and specialists will be moved to Crealogix and continue to be led by the existing management team.

Innofis CEO and founder David Moreno said: “As a result of the new, joint offering from Innofis and Crealogix, we will remain a reliable partner for our clients and will support them in their digitization initiatives, with a broader set of innovative, ready-to-use solutions.”

Crealogix CEO Thomas Avedik said: “The acquisition underpins our strategic objectives by strengthening our market-leading digital banking offering, extending our international reach and establishing a material presence in the Middle East.”

With the digital banking hub, Crealogix offers advanced platform that allow companies to develop their own digital banking strategies.

The digital banking hub allows to incorporate customer services into the existing system landscape quickly and securely.

Image: Crealogix CEO Thomas Avedik. Photo: courtesy of CREALOGIX AG.