Carlyle backs ITRS Group MBO

An undisclosed amount of equity was invested from the €530m Carlyle Europe Technology Partners II fund, which closed in November 2008. Founders and management will retain a share in the company.

Carlyle stated that the investment will be used to facilitate an international expansion and diversification of the company's services. It signaled that further acquisitions may be of interest.

Debt
No leverage was used in the transaction.

Company
ITRS Group provides performance monitoring and risk management software for financial IT and trading systems. Its main product, Geneos, is capable of predictive monitoring and quantification of performance and robustness of client systems. It claims to improve risk management while reducing latency and trading risk. The product has been deployed in around 600 worldwide installations for 60 financial institutions.

The company, founded in 1997, is headquartered in London with offices in New York and Hong Kong. It employs around 100 staff and recorded a turnover of £16m in 2010/11.

People
Director Fernando Chueca and senior associate Per Skoglund worked on the deal for Carlyle. Ken Covington is the CEO of ITRS Group.

Advisers
Equity – Arma Partners (Corporate finance); DLA Piper, Bob Bishop, Chris Baird (Legal); Alvarez & Marsal (Financial due diligence, tax); Tabb Group (Commercial due diligence).

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• Topics
• UK / Ireland
• Buyouts
• Technology
• Carlyle Group
• United Kingdom