Surecomp has completed the acquisition of Micro Banking Automation Inc (MBAI), a provider of niche trade finance and cash letter solutions. MBAI solutions are installed in numerous locations throughout the US. MBAI is based in Atlanta, Georgia
Phil Sowell and Bill Shewey, MBAI’s founders, will be joining the operations and sales divisions of Surecomp respectively.
With the acquisition of MBAI, its users will enjoy the benefits of Surecomp support strength as well as its product suite of Surecomp.
The acquisition of MBAI further strengthens Surecomp’s position as a dominant trade finance provider in North America. The Surecomp suite of trade finance solutions enables banks to select the solution which best fits their needs while at the same time benefiting from the Surecomp trade finance knowledge base.
Market Advisory Services (MAS) of Spring Lake, New Jersey introduced and advised MBAI in the transaction. MAS is an international advisory boutique specialising in commodities, energy and financial information technology.