VASS acquires Comunytek to lead digital transformation in the domestic and international financial sector.
29 Jul 2021
– This purchase is part of the VASS@400 strategic plan launched by the company chaired by Francisco Javier Latasa, with which they expect to reach 400 million euros in turnover by 2025
– Comunytek has been developing innovative solutions for wholesale banking and capital markets for 20 years and is one of the most important players in the CIB (Corporate & Investment Banking) segment
Madrid, July 29, 2021 – VASS continues to advance in its organic and inorganic growth plan with the aim of leading the digital transformation also in the national and international financial sector. Their most recent acquisition: Comunytek, a company specializing in advanced systems and innovative products focused on wholesale banking and capital markets.
This acquisition is another part of the VASS@400 strategy with which the company expects to have a turnover of 400 million euros by 2025. Acquiring Comunytek strengthens its position in the financial sector, as they are a leader in the CIB (Corporate & Investment Banking) sector, with 20 years of experience in the development of innovative solutions for the banking market thanks to its deep knowledge in Capital Markets and the use of new technologies.
“With this acquisition, VASS expands its value proposition in the financial sector and accelerates its ability to undertake increasingly strategic and transformational projects in its large national and international clients,” explains Francisco Javier Latasa, chairman of VASS.
In the same vein, Eduardo Lorente, Director of Business Development at VASS, points out that “the CIB and Wealth Management segments are strategic for financial institutions as they represent a relevant percentage of the margins obtained in their operations. Thanks to this acquisition, VASS will now be able to offer greater know-how to these entities, helping them to develop digitalization and transformation projects that will also enable them to compete in a highly competitive market in which the emergence of FinTech has brought about changes, especially in asset management”.
The acquisition of Comunytek is, therefore, the second operation of this type carried out by VASS during 2021, demonstrating the company’s commitment to consolidate as the first name in Spanish digital solutions, in Spain, Europe, and Latin America.
According to Faustino Nebrera, Founder and Partner of Comunytek, ‘Joining the VASS Group is a strategic decision to internationalize our product range and specialized services in wholesale banking and financial markets, helping to complement VASS’ already wide-ranging commercial portfolio.”
In addition, Vicente Bouza, also a Founder and Partner of Comunytek commented: ‘Integrating into the VASS Group goes to show a high level of recognition for Comunytek’s capabilities. Said capabilities are based on a team of excellent professionals, who, through their top-quality work have allowed us to become a prestigious and recognised company within the wholesale banking and financial markets sector in Spain. The coming together of Comunytek and VASS will bring with it new challenges and will open up to us a world of opportunities both for our customers and our professionals’.
This new agreement is part of the VASS@400 strategy launched by VASS this year, which aims to become the leader in Spanish-based digital consulting, leading the group to a turnover of more than 400 million euros in the next 5 years. This plan is backed by Private Equity Company, OEP (One Equity Partners), who joined VASS at the end of 2020 and who has ample experience in supporting companies to execute ambitious growth plans. OEP has just recently sold Italian IT-Service Company Lutech after nearly tripling revenues to reach €450mm in less than four years.
Dr. Jörg Zirener, Senior Managing Director at OEP adds that ‘VASS and OEP have a unique opportunity to build a champion in digital transformation capable of servicing its customers with first class, innovative solutions globally’.