Aregon buys out Aspidex

Aregon, the online marketplace joint venture from Aramex and Citibank, has bought Aspidex, an e-banking solution provider.

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By  Guy Mathew Published  May 2, 2002

Aregon, the online marketplace joint venture from Aramex and Citibank, has bought Aspidex, an e-banking solution provider. The aim for Aregon is to be able to offer a full range of facilities to banks allowing them to enhance their internal efficiency as well as offering e-banking services to customers.

“Our products and services are constantly evolving across the whole spectrum of business, and our commitment to the regional banking and financial sector is reflected in this strategic move that will consolidate our banking sector’s product line. We view the Aspidex buy out as the perfect fit for our business model,” said Hazem Malhas, CEO of Aregon.

Part of the deal includes Aregon taking over the license for Corillian International eFinance software, a major part of Aspidex’s business. “Corillian is excited about this relationship with Aregon, a company with extremely strong business expertise and deep knowledge of the Middle East. Aregon’s experience coupled with Corillian’s reputation and impressive track record should prove a powerful combination for a region ripe for the two companies’ solutions,” said Martin Davis, Corillian’s executive vice president.

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