Summit Partners divests Multifonds for €235m

The acquisition, which brings an end to Summit Partners' nine-year holding, is being funded through a mixture of cash and debt.

New owner Temenos was founded in 1993 and is listed on the SIX Swiss Exchange. It provides banking software systems to a variety of financial institutions, as well as retail and corporate banks. Headquartered in Geneva, it has 57 offices worldwide.

The Temenos share price increased by €1 to around €31.50 on the first day of trading following the announcement.

Previous funding
Summit Partners invested in Multifonds in June 2006 and increased its stake in the company in 2010.

Company
Founded in 1995, Luxembourg-based Multifonds provides fund accounting, portfolio accounting and investor servicing software to users on one platform. The software is mainly used by financial institutions in the third-party fund administration market, insurance companies and asset managers.

The company has 470 employees across 14 offices. It handles more than $5tn in assets for traditional and alternative funds.

Multifonds is projected to see sales of $46m in 2015.

People
Oded Weiss is CEO of Multifonds. Scott Collins is managing director of Summit Partners.

Advisers
Company – Arma Partners (Corporate finance); Taylor Wessing (Legal); Loyens & Loeff (Legal); EY (Corporate finance).

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