Nordic Capital's Itiviti acquires Ullink

Hg (which rebranded from HgCapital in early November) first backed Ullink in 2014, has confirmed it plans to exit the investment. The GP's listed vehicle, HgCapital Trust, also invested in Ullink. A spokesperson for HgCapital Trust confirmed the vehicle will realise cash proceeds of £24.3m once the deal completes. 

The fund used for the transaction, HgCapital 7, held a final close on £2bn in 2013, according to unquote" data. The fund focuses on European businesses with an enterprise value of £20-500m. 

Nordic Capital is invested in Itiviti via its Nordic Capital Fund VII, which secured €4.3bn in total commitments, according to unquote" data.

The fund's first close was held in December 2007; since then, the fund has had a rolling close. The buyout fund concentrates on large and medium-sized European companies. Nordic Capital expected to make 12-15 investments from Fund VII. 

The merger aims at creating a capital markets technology company with revenues of more than $200m, 1,000 employees and a local market presence in Europe, Asia and the Americas. The new company will be a full service provider for global and regional financial institutions. The combined product portfolio aims at supporting the complete order cycle across several asset classes.

Previous funding
Hg acquired a majority stake as part of the management buyout of Ullink in 2014. The GP invested alongside Ullink's management, which was led by the company's CEO, Laurent Useldinger. Although Laurent Useldinger stepped down as CEO in 2015, he remained a shareholder in the company.

Company
Founded in 2001 and headquartered in Paris, Ullink provides global multi-asset trading technology and infrastructure for buy-side and sell-side market participants. In 2014, Ullink acquired NYFIX and Metabit from the New York Stock Exchange, further expanding its product offering. In 2015, it claimed to have revenues amounting to $130m. The company has facilities in New York, London, Paris, Hong Kong, Tokyo, Singapore, Manila, São Paulo, Cluj and Sydney.

People
Itiviti – Torben Munch (CEO).
Ullink – Didier Bouillard (CEO).  
Nordic Capital Funds – Fredrik Näslund (adviser).

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