DWS acquires cloud financial services company

IT services provider DWS Advanced Business Solutions (ASX:DWS) will pay $300,000 for an internet-based financial services company.

DWS said it will acquire Melbourne-based Taten, which offers a portfolio of products including iApply, iPublish, D2B and My2Ic.

The company expects the acquisition to contribute to earnings in FY12.

Announcing the merger, DWS CEO Danny Wallis said Taten's products fit well with the cloud computing model.

While Taten has been concentrating on the financial services industry, Wallis said he believes the products also have applications in other sectors including telecom, utilities, healthcare and government.

The added capabilities will also advance the company's plans to set up new specialist business units, Wallis added.

“This purchase will see the commencement of the new DWS Solution Centre unit, which will incorporate cloud computing solutions,” he said.

DWS shares grew 0.38% in Monday's trading to $1.310.