Advent International’s GFKL sells GENEVA-ID
Advent International’s portfolio company GFKL Financial Services AG has sold its subsidiary GENEVA-ID GmbH to SUBITO AG.
The proceeds are undisclosed but it is believed that Advent hasn't realised any of its original investment.
The sale was motivated by GFKL's non-core assets divesting strategy, as it seeks to focus on receivables management.
Company
GENEVA-ID supplies software components for financial services in the insurance sector. It has operations in Hamburg, Düsseldorf and Kevelaer where it employs 150 staff. It has a turnover of slightly less than €20m.
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