Private equity firm Montagu has reached an agreement to acquire global fund accounting software business, Multifonds, from Swiss banking software company Temenos.
This transaction, valued at around $400m, includes an earnout element.
It will see Multifonds emerge as a standalone entity, with the Multifonds executive management team also investing along with Montagu as part of the transaction.
The business will continue to operate under the leadership of its current management team.
Established in 1995, Multifonds administers over $10tn in assets.
The company offers fund and portfolio accounting, as well as investor servicing and transfer agency on one platform. It is utilised by fund administrators, asset managers, insurance companies, and pension funds.
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It has operations in over 15 countries and a jurisdictional reach in APAC, Europe, and LATAM.
Since its acquisition by Temenos in 2015, Multifonds has maintained its status as a premier pure-play software provider.
The deal is due to close in Q2 25, contingent on the fulfilment of standard conditions.
Temenos said that the sale simplifies its product portfolio and is in line with strategy to support “above-market growth”.
Montagu partner Daniel Fischer said: “We have long admired Multifonds as a highly attractive global platform, providing mission-critical fund accounting and transfer agency solutions to blue-chip customers. This aligns strongly with our investment criteria in a core sector for Montagu.”
Multifonds CEO Oded Weiss said: “We are excited about partnering with Montagu for our next phase of growth as a standalone business. They have a deep understanding of the asset servicing industry and comprehensive carve-out expertise.
“Their shared ambition for future growth through existing and new clients aligns well with our vision for Multifonds.”
Montagu has invested in financial technology firms like Harvest, ITRS, and ISI Markets and has completed over 30 carve-out transactions since 2002.
In December 2024, Valu-Trac Investment Management chose Temenos Multifonds SaaS to scale its UK fund administration and transfer agency business.
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