Brokat close to shutdown

With the sale of its remaining core business in electronic banking software, Brokat, a one-time shining star of Germany's New...

With the sale of its remaining core business in electronic banking software, Brokat, a one-time shining star of Germany's New Economy, is calling it a day.

The electronic banking business in Germany, Austria, Switzerland, and Eastern Europe will be sold to the Munich-based software company DataDesign. Brokat's e-banking software allows banks and financial houses to offer their customers services such as account maintenance and electronic payments via the Web, wireless devices and mobile phones, or call centres.

The deal will be finalised by 15 January, and the parties have agreed to remain silent on the purchase price, DataDesign said in a statement. DataDesign will carry on Brokat's business at its Stuttgart offices, retaining 40 employees.

With the deal, Brokat has nearly finished selling off all remaining assets, said spokeswoman Katrin Gebert.

"What's left is essentially the businesses in the UK and Scandinavia, and we're in negotiations (with potential buyers) over those now," she said.

Brokat has already sold much of its business in an attempt to meet crushing debt obligations, leaving only its core European banking software operation. The company initiated insolvency proceedings on 3 December.

DataDesign is promising Brokat clients that its immediate goal is to ensure continued customer support. Brokat's customers have included Deutsche Bank 24 and Union Bank of California.

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