
Summit Partners offloads 360T for €725m
Deutsche Börse has bought German fintech platform 360T Group for €725m from Summit Partners.
According to German publication Finance Magazin, CME Group and Nasdaq OMX Group were among the exchange operators who took part in the final bidding round. The acquisition is expected to strengthen the German exchange's foreign-exchange operation.
US GP Summit Partners had bought the multi-bank, multi-asset trading platform 360T from Brockhaus Private Equity for around €200m in 2012, representing an EBITDA multiple of 9x.
Company
Founded in 2000 in Frankfurt, 360T is a provider of web-based trading technology for OTC financial instruments, particularly currency exchange, short-term money market loan/deposits and interest rate derivatives. It is used by 1,700 client organisations in 90 countries.
People
Carlo Koelzer is the CEO and founding partner of 360T. Carsten Kengeter is chief executive of Deutsche Börse.
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