Advised Multifonds, a leading global provider of fund administration software, on its sale to Temenos Group AG (SIX: TEMN)
Mar 2015
acquired by
$260 million
  • Sector: Fintech, WealthTech & InsurTech
  • Deal Type: Strategic Deals; Private Equity Deals
  • Engagement type: Sellside
  • Size: $260 million
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Arma Partners is pleased to announce that it has acted as exclusive financial advisor to IGEFI Group s.à.r.l. (“Multifonds” or the “Company”), a Summit Partners portfolio company, on its sale to Temenos Group AG (SIX: TEMN), the market leading provider of mission-critical software to financial institutions, for a cash consideration of €235 million.

Founded in 1995 and headquartered in Luxembourg, Multifonds provides software to financial services institutions globally, predominantly in the third-party fund administration market. The Company’s fully integrated platform allows fund administrators to perform key accounting functions such as intra-day valuations and end-of-day net asset value calculations as well as to support fund administrators in key investor servicing and transfer agency functions such as investor dealing and shareholder record keeping.

Arma Partners had forged a close relationship with Multifonds over several years, also advising the Company on its recapitalisation, including an equity investment by Summit Partners, in 2006. This transaction demonstrates Arma Partners’ strength in Technology M&A and its outstanding track record as a trusted advisor in the Financial Technology sector.

– IGEFI Group (“Multifonds”) is a Luxembourg-based provider of fund administration technology and services

– The company’s integrated solution is used by nine of the top 15 institutions in third-party fund administration

– The platform allows fund administrators to perform key accounting functions such as intra-day valuations and end-of-day NAV calculations as well as to support fund administrators in investor servicing and transfer agency functions such as investor dealing and record keeping

– Multifonds has more than 470 employees in 14 offices around the world

– Prior to the acquisition, Multifonds was a portfolio company of Summit Partners

– Temenos Group AG (“Temenos”) is a leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers and other financial institutions

– Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers

– Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), the company operates from 57 offices worldwide and its software solutions are proven in over 1,600 installations across 150 countries

– The acquisition of Multifonds provides Temenos with exposure to the fast growing fund administration market segment as well as client relationships with 30 of the world’s largest financial institutions

– Besides its 10%+ growth, Multifonds also provides Temenos with a higher percentage of recurring revenue

– Combined proposition of Temenos’s securities processing, custody and enterprise data management functionality with Multifonds’ fund accounting platform creates a complete, integrated fund management solution

– Under new strategic ownership, Multifonds will be able to leverage Temenos’s large sales and marketing, partner and R&D infrastructure to continue to further refine its best-of-breed product while accelerating growth

– Arma Partners forged a close relationship with Multifonds over several years, also advising the Company on its recapitalisation, including an equity investment by Summit Partners in 2006

– Arma Partners supported Multifonds and its shareholders throughout the exit process, including financial analysis, positioning, valuation, interactions with counterparties, and led negotiations on transaction terms

– Arma Partners was able to generate significant competitive tension for the asset to enable a value optimising outcome with a high-profile strategic buyer

– Overall, Arma Partners assisted Multifonds and Summit in realising their strategic objectives, drawing on Arma’s extensive experience in the Financial Technology sector