Aquila today announced the acquisition of Cibar Inc. (“Cibar”), a best-in-class banking software solution for the international trade finance industry.

Cibar, a pioneer and specialist in trade finance applications, was established in 1969 and has its headquarters in Colorado Springs, USA. Its modules cover imports and exports, standby letters of credit, guarantees, cash letters, wire transfers, and more. One of the most complete back-office systems is offered by Cibar through its flagship products, the “GTSnet” trade finance system, “ICCnet” customer portal, and “CASHnet” cash letter system. These products serve the demands of major and middle-market trade finance institutions as well as their customers.

“We’re grateful for this union with Cibar,”

“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.”

                                                                                                   Daniel Lee, CEO of Aquila.

“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.”

                                                                                             Nick Mayer, President of Cibar.

As an independent business division of Aquila, Cibar will continue to service its clients and partners.