Nordic Capital nets strong return on €2.1bn Itiviti trade sale

Broadridge Financial Solutions is a New-York-listed fintech business with revenues in excess of $4.5bn. The transaction is subject to customary closing conditions and regulatory approval, and is expected to close in Q2 this year.

Nordic Capital reaped a 6.4x money multiple on the investment, according to a source close to the situation.

Nordic Capital had not returned a request for comment at the time of publication.

In January 2012, the GP acquired a 95.5% stake in NASDAQ OMX-listed financial technology and service provider Orc Group. The cash offer valued the company at SEK 2.02bn, with equity drawn from Nordic Capital's seventh fund, which closed on €4.3bn in 2008. The business was later renamed Itiviti, and went on to merge with Hg-backed French trading service Ullink in 2017.

During Nordic Capital's ownership, Itiviti has developed from being a specialist financial software provider to becoming a global player offering a modern cross-asset capital markets platform, the GP said in a statement. This transformation was achieved through technology investments, technology acquisitions, and setting up a new R&D capabilities and organisational framework, the firm added.

Itivity was among the remaining nine portfolio companies held in Nordic's seventh fund that were transferred to a continuation vehicle, Nordic Capital CV1, in 2018. Coller Capital acted as lead investor in the €2.5bn transaction, which was fully underwritten by Coller's seventh fund and Goldman Sachs Asset Management's Vintage Funds.

Company
With roots going back to 1987, Itiviti is a global capital markets technology service provider offering SaaS productsfor financial institutions to consolidate their trading infrastructure. Headquartered in Stockholm and with offices in 16 countries, the company serves 2,000 customers globally, including banks, brokers, trading firms and asset managers.

The company employs 1,000 people and generates revenues in excess of €200m.

Advisers
Vendor - Credit Suisse (M&A); Morgan Stanley (M&A); Dechert (legal); PwC (financial due diligence); Oliver Wyman (commercial due diligence).

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