BlackFin buys majority stake in AMfine

The all-equity transaction, which features both a capital increase and a capital replacement, saw AMfine CEO Michael Priem retain a minority stake in the business.

Under BlackFin's ownership, the software developer intends to reinforce its presence in the French and Luxembourg market and develop its product offering in other locations, with plans for bolt-on acquisitions in Switzerland, the UK and Ireland, among others.

The company will mainly use the fresh funds to finance the recruitment of senior professionals and strengthen its research and development teams.

The purchase marks Blackfin's second foray in the French financial software sector in the last few weeks. In May, the buyout firm backed fund accounting software service NeoXam in the acquisition of Paris-based investment management software developer Nexfi. The build-up took place a year after NeoXam was formed by BlackFin via the merger of GP3 and Decalog.

Company
Founded in 2006 by Michael Priem, AMfine Services & Software is a software developer specialising in regulatory, tax and financial reporting for asset managers.

The business has 40 employees in its France and Luxembourg offices, which service Tier 1 and Tier 2 asset managers in these countries, as well as Switzerland. Headquartered in Paris, AMfine is understood to have reported more than €2.6m in turnover in 2013.

People
BlackFin was represented by CEO Laurent Bouyoux and managing director Eric May. Michael Priem is founder and CEO of AMfine.

Advisers
Equity – Grant Thornton, Emmanuel Riou, (Corporate finance); Gide LN, Pierre Karpik (Legal).

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