By Daniel Stanton
Acquisition sees it acquire filtering software product.
EastNets, a payment and security solutions provider, has boosted its anti-money laundering offering with the acquisition of SIDE International, a software company headquartered in Luxembourg.
SIDE International provides SafeWatch AML, which was judged the second best filtering solution worldwide in a report by CELENT, a consultancy.
SafeWatch is an AML programme which acts as a central checking point for financial traffic and performs reporting, auditing and detection on transactions and customer data.
Hazem Mulhim, CEO of EastNets, said: "This is a pivotal move in the history of our company and we are confident that the alliance will enable us to secure and develop our strong presence in international markets. We also hope to create a more secure financial atmosphere in the region by providing more technologically advanced solutions to reduce money laundering's repercussions on security and welfare."
SIDE International works closely with SWIFT to provide value-added products and services to complement the SWIFT product range. Its portfolio of solutions is designed to enable organisations to reduce financial risk, while improving operational efficiency and financial control.
Luc Delbrassine, CEO of SIDE, said: "With this acquisition, we will have the opportunity to accomplish our vision of creating an industry-defining platform that offers innovative and cutting-edge products. We are delighted about the acquisition and the creation of a strong, unified company that supports the growth of the regional and international financial industry."
EastNets hopes to tap into SIDE's client base to develop sales of its PayGate solution, a single application window that is specifically designed to improve Straight Through Processing (STP) and reduce risk in day-to-day operations over the SWIFT network for international trade, fund management and market infrastructure transactions.
The company is based in Dubai and has offices in Jordan, Turkey, Saudi Arabia, Egypt and Bahrain. EastNets has more than 450 clients across a wide range of industries distributed across the Europe, Middle East and North Africa region.