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
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