Temenos Group has acquired fund administration software provider Multifonds for EUR235m ($262.35m) from a shareholder group led by growth equity investor Summit Partners.
The deal, which will be financed through a combination of cash and debt, is expected to be completed on 5 March.
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The acquisition is projected to make a material contribution to Temenos’ revenues, profits as well as earnings per share. It will make up for nearly $15m to group non-IFRS EBITDA (or $18m on a pro-forma basis) in 2015 and about $23m in 2016.
Multifonds CEO Oded Weiss will continue to spearhead the company with its existing management team post acquisition. Oded will also join the senior management team of Temenos.
The deal is expected to help Temenos offer mission-critical software to 38 of the top 50 banking institutions worldwide.
Luxembourg-based Multifonds comprises a workforce of 470 in 14 offices offers worldwide. It provides software to financial services institutions across the globe, mainly in the third-party fund administration market.
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