Summit Partners exits Multifonds

Summit Partners said Wednesday it sold Multifonds to Temenos Group AG. The total cash consideration for the deal was 235 million Euros (US$262.9 million). Luxembourg-based Multifonds provides fund administration software.

PRESS RELEASE

LONDON, UK; LUXEMBOURG; and GENEVA, SWITZERLAND—March 4, 2015—Summit Partners, a global growth equity investor, today announced the sale of Multifonds, a leading global provider of fund administration software, to Temenos Group AG (SIX: TEMN), the market leading provider of mission-critical software to financial institutions, for total cash consideration of €235 million.
Founded in 1995 and headquartered in Luxembourg, Multifonds provides software to financial services institutions globally, predominantly in the third-party fund administration market. The company’s fully integrated platform allows fund administrators to perform key accounting functions such as intra-day valuations and end-of-day NAV calculations as well as to support fund administrators in key investor servicing and transfer agency functions such as investor dealing and shareholder record keeping.
Summit Partners originally invested in Multifonds in 2006, and increased its stake in 2010. During Summit’s investment, Multifonds grew to more than 470 employees in 14 offices around the world. Today, more than $5 trillion in assets across more than 30 global jurisdictions are processed on the Multifonds platform.
“As an entrepreneur and founder, I chose Summit Partners to help me scale and professionalize Multifonds,” said Bertil Rouveure, Executive Chairman of Multifonds. “I am now gratified to see the business carry forward in the future with an industry leader like Temenos.”
Summit Partners Managing Director Scott Collins who served on the Multifonds Board of Directors, commented, “We are delighted to transition Multifonds to Temenos. It has been an honor to work with founder Bertil Rouveure, CEO Oded Weiss, Executive Vice President Keith Hale, and the rest of the excellent management team to build Multifonds into a world-class provider of financial technology to the fund administration industry worldwide. We would like to thank Bertil for his trust and partnership, and Oded, Keith and the rest of the management team for their hard work over the years.”
Bruce Evans, a Boston-based Managing Director with Summit Partners, also served on the Multifonds Board of Directors, while London-based Managing Director Han Sikkens contributed significantly during the course of Summit’s investment.
Multifonds was advised on the transaction by Arma Partners, Taylor Wessing, Loyens & Loeff, and EY.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised more than $16 billion in capital. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable Summit investments in the financial technologies sector include 360 Treasury Systems, Acturis, Clearwater Analytics, FleetCor Technologies, Flow Traders, Hyperion Software, Liquidnet, Ogone and optionsXpress. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
About Multifonds
Multifonds, a Temenos company, is the award winning investment software providing fund accounting, portfolio accounting and investor servicing and transfer agency on a single platform. Today more than USD5 trillion in assets for both traditional and alternative funds are processed on Multifonds in more than 30 jurisdictions for the world’s leading global custodians, third-party administrators, insurance companies and asset managers. Multifonds is a member of the FinTech 100 of top global financial services software vendors. For more information, visit www.multifonds.com.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions. Headquartered in Geneva with 57 offices worldwide, Temenos software is proven in over 1,600 installations in more than 150 countries across the world. Temenos’ products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ expertise around the globe. Temenos customers are proven to be more profitable than their peers: in the period 2008-2012, Temenos customers enjoyed on average a 32% higher return on assets, a 42% higher return on equity and an 8.1 percentage point lower cost/income ratio than banks running legacy applications.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.