Advised Ullink, a leading software provider at the forefront of e-trading technology, on its sale to HgCapital
Mar 2014
acquired by
  • Sector: Fintech, WealthTech & InsurTech
  • Deal Type: Private Equity Deals; Founder-led Businesses
  • Engagement type: Sellside
  • Size: <$200m
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Arma Partners is pleased to announce that it has acted as exclusive financial adviser to the founders and management of Ullink SAS (“Ullink” or the “Company”) on the sale of Ullink to HgCapital LLP (“HgCapital”).

Arma Partners assisted the management and owners of Ullink to realise their strategic objectives, drawing on its extensive experience in the trading technology space. This transaction demonstrates the growing interest in the European market for complex trading technology companies, which benefit from strong growth and high quality recurring revenue, and further illustrates Arma Partners’ leadership in financial technology M&A and private equity recapitalisations.

Founded in 2001 by the current CEO, Laurent Useldinger, Ullink has grown quickly to become a global provider of multi-asset trading technology and infrastructure for buy-side and sell-side market participants. Ullink manages over 450 trading platforms daily, is connected to more than 100 of the world’s leading liquidity and exchange venues and offers over 700 different FIX and API adapters. Clients include over 150 of the world’s top-tier banks serviced from offices in New York, London, Paris, Hong Kong, Tokyo, Singapore, São Paulo, Cluj and Sydney.

– Ullink is a leading global provider of electronic trading applications and connectivity to the financial community

– Ullink has grown quickly to become a global provider of multi-asset trading technology and infrastructure for buy-side and sell-side market participants

– Headquartered in France, Ullink’s clients include over 150 of the world’s top-tier banks, which represent a large international market with around 90% of all revenues coming from outside France

– HgCapital is a sector expert private equity investor, supporting management teams to grow industry champions

– Based in London and Munich, HgCapital manages over £5.2 billion for some of the world’s leading institutional and private investors

– HgCapital invests in expanding segments of the Healthcare, Industrial, Services, TMT and Renewable Energy sectors across Western Europe

– Ullink has grown quickly to become a global provider of multi-asset trading technology and infrastructure for buy-side and sell-side market participants

– The investment in Ullink is in line with HgCapital’s proven sector-focused approach of investing in leading global providers of vertical market application software

– Ullink shares the core characteristics that HgCapital looks for: it provides an excellent platform for growth with a highly recurring revenue model across a diversified client base. Ullink also boasts an outstanding management team and a proven commitment to innovation through its high investment in new product development

– HgCapital will work closely with the management team to help the business accelerate its high organic growth through further investment across the business to ensure Ullink continues to innovate and provide the best products in the market

– Ullink had reached an inflexion point in its development and with strategic investment by financial institutions expected to grow, Ullink engaged Arma to consider options that would allow it to continue scaling and become a consolidator

– Arma contacted the most qualified buyers, including both trade and financial sponsors to determine interest in the business

– In parallel, Arma worked extensively with management to articulate the company’s growth strategy and corresponding financial plan

– HgCapital then emerged as the most attractive bidder for the business and Arma, together with the management team, consequently worked towards a very tight and compact timeline to complete the deal

– Overall, Arma Partners assisted the management and owners of Ullink to realise their strategic objectives, drawing on Arma’s extensive experience in the European financial technology space and global cross-border relationships with the most qualified buyers, including HgCapital