IBM has announced that it’s acquired Expertus, a Canadian company that develops cloud-based services for the financial services industry. The financial terms of the acquisition weren’t disclosed.

IBM is buying Expertus to strengthen its cloud business which is a segment that the company has focused on for growth. Expertus serves more than 1,000 financial entities including banks, credit unions, and regulatory agencies, customers that’ll likely prove useful to IBM.

Expertus was founded in 2001 and has since then grown into one of the leading fintech companies in Canada. Going by publicly-available information, Expertus doesn’t appear to have external backers.

With Expertus, IBM is eyeing a market wherein banks are collectively spending huge sums to update their technology and adopt more cloud solutions. Already, Expertus claims that financial services firms process more than $50 billion in daily transactions through its platform.

With its acquisition, Expertus is now housed under IBM’s Global Business Services division.

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