- Sector: Fintech, WealthTech & InsurTech
- Deal Type: Strategic Deals; Private Equity Deals
- Engagement type: Sellside
- Size: $322 million
Arma Partners is pleased to announce that it acted as exclusive financial adviser to Avelo FS Holdings Limited (“Avelo” or the “Company”), majority owned by LDC, on the sale of the Company to IRESS Limited (“IRESS”) for an enterprise value of £210m.
Avelo is a market-leading provider of integrated technology solutions, software and consultancy to the financial services industry in the UK. The Company provides software solutions to a long-standing blue chip customer base spanning 32,000 users, financial advisers and brokers, including 93 of the top 100 IFA firms in the UK. Avelo also provides large-scale software solutions for mortgage origination and distribution to some of the UK’s largest banks and building societies. The Company generated revenues of £55.5m and cash EBITDA (consistent with IRESS’s accounting policies) of £14.5m in the fiscal year ended 31 March 2013.
LDC, the UK mid-market private equity firm part of Lloyds Banking Group, acquired a controlling shareholding in Avelo in August 2009 and supported the transformation of the Company through organic investment and bolt-on acquisitions.
IRESS is a principal supplier of financial markets and wealth management systems in Australia, Asia, New Zealand, Canada, South Africa and the UK. IRESS is listed on the Australian Securities Exchange and had a market capitalisation of c. A$1.1bn (£0.6bn) as of 5 August 2013.
This transaction again demonstrates Arma Partners’ continued dominance in cross-border Technology M&A as well as our unique ability to deliver highly successful outcomes to private equity-backed technology leaders.