TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Aquila today announced the acquisition of Cibar Inc. (“Cibar”), 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 specialized provider of trade finance applications with modules extending across Imports/Exports, Standby Letter of Credit, Guarantees, Cash Letters, Wire Transfers and more. Through its marquee products “GTSnet” trade finance system, “ICCnet” customer portal and “CASHnet” cash letter system, Cibar provides one of the most comprehensive back-office solution that meets the needs of large and middle-market trade finance banks and their clients.
“We’re grateful for this union with Cibar,” stated 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 said, “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 continue to support its customers and partners as an autonomous business unit of 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 daily. Cibar has a broad range of experience in developing software applications for international banking customers, including; Commercial and Standby Letters of Credit, Bankers' Acceptances, Documentary Collections, Foreign Loans, Cash Letters, International Wires, Imaging, OFAC and AML checking. For more information: www.cibar.com
About Aquila
Aquila backs category leaders across software. With global institutional reach throughout media, finance, government, real estate and education, Aquila exists to help software operators build lasting companies through permanent capital. Aquila is a division within Vela Software, and a wholly owned subsidiary of Constellation Software Inc. For more information: www.aquilasw.com
Contact:
Richard Hyun
Vice President, Corporate Development
rhyun@aquilasw.com
