Nomad’s product CORTEX is a highly robust and scalable product with a modern UNIX based architecture built around middleware such as BEA’s Weblogic and IBM’s Websphere. Nomad has a significant customer base, primarily in Central and Eastern Europe and the Middle East, with a market leadership position in Poland and the Baltic States. These territories have much faster growth rates in card usage than Western European economies and banks tend to be smaller and more flexible, with fewer issues relating to legacy systems. Nomad’s strong referenceable customer base in these regions provides a good platform for growing into neighbouring countries where card usage growth rates are high, and also for penetrating Western European countries as established banks look to replace legacy systems and new market entrants aim to win share through innovation.
Nomad was sold in January 2008 to Metavante for a purchase price of approximately $58 million