TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) — Aquila as we speak introduced the acquisition of Cibar Inc. (“Cibar”), best-in-class banking software program resolution for the worldwide commerce finance trade.
Founded in 1969 and headquartered in Colorado Springs, USA, Cibar has been a pioneer and specialised supplier of commerce finance purposes with modules extending throughout Imports/Exports, Standby Letter of Credit, Guarantees, Cash Letters, Wire Transfers and extra. Through its marquee merchandise “GTSnet” commerce finance system, “ICCnet” buyer portal and “CASHnet” money letter system, Cibar gives one of essentially the most complete back-office resolution that meets the wants of giant and middle-market commerce finance banks and their shoppers.
“We’re grateful for this union with Cibar,” said Daniel Lee, CEO of Aquila. “Aquila is delighted to uphold and accelerate Cibar’s long-standing mission. Cibar has an incredibly customer-focused team and a wonderful brand in the trade finance marketplace. They are an important addition to Aquila’s group of independent fintech businesses.”
Nick Mayer, President of Cibar stated, “Cibar is very excited to join the Aquila team. In our 53 years in business we never really considered selling the company until we were introduced to Daniel Lee and his team at Aquila. As we went through a detailed due diligence process, it became apparent that Aquila’s vision aligned with Cibar’s. We feel this will be a great partnership for our employees and customers moving forward.”
Cibar will proceed to help its prospects and companions as an autonomous business unit of Aquila.
About Cibar
Cibar is a software program growth firm positioned in Colorado Springs, USA. Started in 1969 by Tom Lawhorn, John Zimmermann and Loren Shannon, integrity, arduous work and dedication to our prospects are the values Cibar prides itself on each day. Cibar has a broad vary of expertise in creating software program purposes for worldwide banking prospects, together with; Commercial and Standby Letters of Credit, Bankers’ Acceptances, Documentary Collections, Foreign Loans, Cash Letters, International Wires, Imaging, OFAC and AML checking. For extra info: www.cibar.com
About Aquila
Aquila backs class leaders throughout software program. With global institutional reach all through media, finance, authorities, actual property and schooling, Aquila exists to assist software program operators construct lasting corporations through everlasting capital. Aquila is a division inside Vela Software, and a completely owned subsidiary of Constellation Software Inc. For extra info: www.aquilasw.com
Contact:
Richard Hyun
Vice President, Corporate Development
[email protected]
