Providence Strategic Growth (PSG) and Verdane have agreed to sell a majority stake in Finnish payments provider Nomentia to Inflexion.
The deal marks the sixth investment by Inflexion Buyout Fund VI, which closed in March 2022 on GBP 2.5bn.
Nomentia has revenue over EUR 35m and is profitable, according to a source familiar with the situation. Inflexion said it will seek growth efforts both organically and via M&A across Europe.
The deal is Inflexion's fourth in the Nordics, following its investment into environmental, health and safety (EHS) business tech group EcoOnline earlier this year; the EUR 170m take-private of fintech company Infront in 2021, and the acquisition of Nordic Trustee by Inflexion portfolio company Ocorian that same year
The vendors launched a sale for the payments company at the beginning of the year led by Deutsche Bank, as reported by Unquote's sister publication Mergermarket.
Nomentia reported an EBITDA of around EUR 15m and was expected to sell for EUR 250m-300m, considering its stamp as a "rule of 40" company, an indicator that the sum of revenue growth and profit margin is above 40%, as reported.
Nomentia was created via the merger of Providence-backed OpusCapita Solution and Verdane’s Analyste in June 2020. As part of the transaction, Providence became the majority owner, with Verdane and the company’s management retained a minority stake.
In 2021, company acquired TIPCO Treasury & Technology, an Austrian provider of treasury information platforms.
Helsinki-headquartered Nomentia is a modular, cloud first software provider delivering a comprehensive portfolio of solutions to the cash & treasury management segment around bank connectivity, payments, cash visibility and forecasting, trade finance, and risk & reporting.
Inflexion - Sergio Ferrarini; Henrik Nordman Kristina Miettinen; William An Olivia Smith
PSG - Romain Railhac (managing director)
Verdane - Iikka Moilanen (principal)
Vendors - Deutsche Bank (M&A); Weil Gotschal & Manges (legal); Krogerus (legal); KPMG (tax); Crosslake (tech).
Buyer - William Blair (M&A); EY (FDD, tax); PWC (CDD); Roschier, Travers (legal).
[Editor's note: The first paragraph has been amended to note that Nomentia is the sixth investment for BOFVI.]
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