Return for Finance Wales as Accountis sold

Mar 29 2008 by Aled Blake, Western Mail

FINANCE WALES has realised its investment in North Wales-based Accountis following its original £500,000 investment.

Accountis, which provides secure financial document exchange and payment systems to companies globally, has been acquired by Nasdaq-listed Fundtech.

Fundtech has paid £3.8m for the acquisition and will pay an additional £2m over the next three years based on the financial performance of Accountis.

Finance Wales, which provides commercial funding to SMEs in Wales, has previously made three funding rounds into Accountis.

Bangor-based Accountis has grown rapidly with more than 700 customers globally now using its web-based systems to provide electronic financial document exchanges and payments.

The company’s electronic financial document exchange and payment solutions automate the way companies interact with one another through their accounts payable and receivables departments. This significantly reduces the time and expense involved with processing, paying and reconciling invoices.

Paul Lee, of Finance Wales, said, “The acquisition of Accountis by Fundtech will allow the company to expand further into this high-growth global market.”