TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) — Aquila today announced the acquisition of Cibar Inc. (“Cibar”), a best-in-class banking software solution for the international trade finance industry.
Founded in 1969 and headquartered in Colorado Springs, USA, Cibar has been a pioneer and specialist provider of trade finance applications with modules spanning import/export, standby letters of credit, guarantees, cash letters, wire transfers and more. Through its flagship products “GTSnet” trade finance system, “ICCnet” customer portal and “CASHnet” cash receipt system, Cibar offers one of the most comprehensive back office solutions that meet the needs of large and medium-sized trade finance banks and their clients.
“We are grateful for this association with Cibar,” said Daniel Lee, CEO of Aquila. “Aquila is pleased to maintain and accelerate Cibar’s long-standing mission. Cibar has an incredibly customer-focused team and a fantastic brand in the trade finance market. They are an important addition to Aquila’s group of independent fintech companies.”
Nick Mayer, President of Cibar said: “Cibar is very excited to join the Aquila team. In our 53 years in business, we never considered selling the company until we were introduced to Daniel Lee and his team at Aquila. When we went through a detailed due diligence process, it became clear that Aquila’s vision aligned with Cibar’s. We feel this will be a great partnership for our employees and customers going forward.”
Cibar will continue to support its customers and partners as an autonomous business unit in Aquila.
About Cibar
Cibar is a software development company located in Colorado Springs, USA. Started in 1969 by Tom Lawhorn, John Zimmermann and Loren Shannon, integrity, hard work and commitment to our customers are the values Cibar prides itself on every day. Cibar has a wide range of experience in developing software applications for international banking clients, including; Commercial and contingency letters, banks’ acceptance, documentary collections, foreign loans, cash letters, international transfers, image processing, OFAC and AML control. For more information: www.cibar.com
About Aquila
Aquila supports category leaders across software. With global institutional reach across media, finance, government, real estate and education, Aquila exists to help software operators build lasting companies through permanent capital. Aquila is a division of Vela Software, and a wholly owned subsidiary of Constellation Software Inc. For more information: www.aquilasw.com
Consult:
Richard Hyun
Vice President of Corporate Development
[email protected]
