Capman exits IT2 to Wall Street Systems

Funds managed by CapMan, including the CapMan Technology 2007 vehicles, owned approximately 86% of IT2's equity prior to the transaction.

IT2's revenue increased at a compound rate of 17% over the holding period. The transaction had no impact on CapMan's financial results for 2012 or 2013 as the selling funds are not in carry.

Wall Street Systems approached the vendor to initiate the deal. Capman considered three other possible candidates as well. Negotiations took one year from start to close. There was no debt involved in the transaction.

CapMan Technology 2007 LP Fund and CapMan Technology 2007 B KB Fund acquired IT2 Treasury Solutions in July 2007 from SimCorp AS, which was listed on the Copenhagen Stock Exchange. The investors paid €9.5m in equity, while €3m of senior debt was issued by Nordea, amounting to a total deal value of €12.5m.

Company
IT2 provides treasury management software and services for large corporations and small- and mid-sized financial institutions. The company is headquartered in London and has offices in Copenhagen, Amsterdam, New York and Hong Kong.

People
Vesa Walldén is head of CapMan Technology and a senior partner at the firm. Tommy Valther Hansen is chairman of the board at IT2.

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