Monday, August 11, 2008

FIMAC to Purchase Profitdesk Banking Software

Denver-based FIMAC Solutions LLC, a developer of risk management and profitability applications for the banking industry, announced recently that it has agreed to acquire Profitdesk Software Inc.'s SmartRate deposit price optimization software. Terms of the deal were not disclosed. FIMAC explained that, through a licensing arrangement with Profitdesk, it has been marketing SmartRate to community-based financial institutions for the past year under the Deposit Analytics brand name. At the same time, FIMAC noted, Profitdesk marketed SmartRate directly to larger organizations. FIMAC added that it intends to offer the software to financial institutions of all sizes but has not yet determined if it will do so under the SmartRate brand name.