Nordic Capital seals hefty 6.4x return in €2.1bn Itiviti trade sale

From AltAssets 

Nordic Capital has scored a 6.4x return on its investment in trading tech and services provider Itiviti through a €2.1bn sale to trade buyer Broadridge Financial.

The buyout house created Itiviti by combining 2012 investment Orc Group and 2015 investment CameronTec Intressenter, to create a single entity providing tech for trading, banking and investment managers.

Nordic was said to eyeing a sale of that combined business back in 2016, with reports at the time suggesting a valuation of about €500m.

But the buyout house hung on to and expanded Itiviti instead, bolting-on companies including Hg-backed Ullink in 2017.

Nordic said that during its ownership Itiviti had developed from a specialist financial software provider to become a global leader offering a modern cross-asset capital markets platform, with revenues of more than €200m.

Fredrik Näslund, partner at Nordic Capital Advisors, said, “Itiviti’s cutting-edge trading technology enables customers world-wide to improve workflow in the capital markets.

“The company has experienced a journey of growth and transformation during Nordic Capital’s ownership.

“With the combination of Itiviti and Ullink, Nordic Capital created a world leading technology and infrastructure provider that is ideally positioned to take advantage of increased complexity and regulations in the financial services industry.”

Nordic Capital has invested €3.8bn in 19 tech and payment companies since 2004.

Previous successes have included Bambora, Trustly, Cint, Siteimprove and Signicat.

The sale of Itiviti comes just a few months after Nordic Capital announced the successful listings of portfolio companies Nordnet and Cint Group on Nasdaq Stockholm.

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