Printer Friendly

GTCR Sells Payments Software Firm Fundtech for USD 1.25bn.

M2 EQUITYBITES-May 1, 2015-GTCR Sells Payments Software Firm Fundtech for USD 1.25bn

(C)2015 M2 COMMUNICATIONS http://www.m2.com

1 May 2015 - US-based private equity firm GTCR has completed sale of US-based software company Fundtech to Canadian financial technology provider DH Corp. (TSX: DH) for cash consideration of approximately USD 1.25bn, the firm said on Friday.

Headquartered in New York, Fundtech is a provider of mission-critical software that facilitates payment processing, cash management, and financial messaging products for financial institutions and corporate customers.

Fundtech's payment hub software provides money centre banks with the ability to achieve enhanced payment efficiency, cost effectiveness, visibility and compliance by operating global payment functionality through a single software instance.

In 2011, GTCR partnered with founder and CEO Reuven Ben Menachem to facilitate the transformational merger of Fundtech Ltd. (NASDAQ: FNDT) and Bankserv Inc.

In the process, GTCR took Fundtech private and completed the acquisition of privately-held Bankserv, a complementary provider of SaaS-based payments software.

The combined company, with enhanced scale for innovation and global growth, became a leader in this growing and dynamic area of financial technology.

Barclays and RBC Capital Markets, LLC served as Fundtech's financial advisors, and Kirkland and Ellis LLP provided legal counsel.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2015 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:May 1, 2015
Words:215
Previous Article:Intact Financial Buys Canadian Direct Insurance for CDN 197m.
Next Article:Gallagher Acquires US Healthcare Consultant.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters