Tech

Protominds acquired by fintech holding company

As part of the deal, the California-based firm will become a wholly-owned subsidiary of VGR Technology Partners

Xalles Holdings, a fintech holding company that provides technology and financial services solutions, has acquired Protominds in a share purchase agreement.

Based in California, Protominds is a fintech consulting and services company that operates a full-service regulatory cloud platform offering reporting capabilities for post-audit financial transactions.

As part of the deal, Protominds will become a wholly-owned subsidiary of VGR Technology Partners, adding its regulatory compliance automation and data analytics product to the group’s portfolio. 

Venugopal Thiyyagura, president at VGT Technology Partners, said: “The Protominds acquisition perfectly complements and further enhances the services capabilities of the Crown Solutions acquisition and the existing subsidiaries of Xalles.”

With a team of over 50, Protominds supports enterprises in optimizing the cost of change involved with financial regulations via its compliance automation solution.

The move will reportedly facilitate the expansion of Protominds’ market presence, as it gains access to Xalles’ “larger business development footprint”.

Thomas Nash, CEO at Xalles, said: “The FiNiCS platform is a great fit with the Xalles mission to grow our fintech product and services offerings.

“We see tremendous synergy with the existing and planned subsidiaries and welcome the Protominds team into our organization.”

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