GTCR said Friday it closed its sale of portfolio company, Fundtech, to DH Corp. The deal was valued at about $1.25 billion New York-based Fundtech provides software that facilitates payment processing, cash management, and financial messaging products for financial institutions and corporate customers. Barclays and RBC Capital Markets LLC advised Fundtech.
CHICAGO–(BUSINESS WIRE)–GTCR, a leading private equity firm, announced today that it has completed the previously announced sale of its portfolio company, Fundtech, to DH Corporation (TSX: DH) for cash consideration of approximately $1.25 billion.
Headquartered in New York, Fundtech is a leading global provider of mission-critical software that facilitates payment processing, cash management, and financial messaging products for financial institutions and corporate customers. Fundtech’s flagship next generation payment hub software provides leading money center 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 & Ellis LLP provided legal counsel.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visitwww.gtcr.com.
Fundtech is a provider of transaction banking software and services to financial institutions and corporations worldwide. The Company offers SaaS and license-based solutions which facilitate electronic corporate payments and bank-to-bank payment transactions. Fundtech is headquartered in New York, NY with 1,600 employees and 19 offices worldwide. For more information, please visit www.fundtech.com.
D+H (TSX: DH) is a leading financial technology provider the world’s financial institutions rely on every day to help them grow and succeed. Our lending, payments and enterprise solutions are trusted by nearly 7,000 banks, specialty lenders, community banks, credit unions and governments. Headquartered in Toronto, Canada, D+H has more than 4,000 employees worldwide who are passionate about partnering with clients to create forward-thinking solutions that fit their needs. With annual revenues of more than $1 billion, D+H is recognized as one of the world’s top FinTech companies on IDC Financial Insights FinTech Rankings and American Banker’s FinTech Forward ranking. For more information, visit dh.com.