Nordic Capital to sell Itiviti, a leading trading technology and service provider, to Broadridge, a global Fintech leader

Nordic Capital

Nordic Capital to sell Itiviti, a leading trading technology and service provider, to Broadridge, a global Fintech leader Image

  • Itiviti has grown significantly during Nordic Capital’s ownership, creating a global force in capital markets technology and infrastructure
  • By joining forces with global Fintech leader Broadridge (NYSE: BR), Itiviti is taking the next step in enhancing its capital markets capabilities and extending its global reach

Nordic Capital has agreed to sell Itiviti, a leading provider of trading technology and services to financial institutions worldwide, to Broadridge Financial Solutions a global Fintech leader, in a transaction valued at EUR 2.143 billion. Since Nordic Capital took Itiviti private in 2012, it has made substantial technology investments and fully transformed the Company to create one of the world’s leading providers of trading technology for the global capital markets industry.

Since assuming majority ownership of the Company, Nordic Capital has supported Itiviti by drawing on its experience and twenty-year track record of building and investing in cutting-edge technology businesses across Europe. During Nordic Capital’s ownership, Itiviti has developed from being a specialist financial software provider to becoming a global leader offering a modern cross-asset capital markets platform. This transformation was achieved through many years of significant technology investments, a carefully crafted technology acquisitions strategy and dedicated focus on setting up R&D capabilities and an organisational framework to meet future capital market needs. Today, Itiviti is fast-growing and has a leading global position with more than 2,000 customers world-wide, over EUR 200 mn in revenues and c. 1,000 employees.

“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. We are immensely proud of the Itiviti team and would like to thank them for their dedication and exceptional work. It’s now time for the Company to take the next step forward together with Broadridge, capitalising on next-generation technology platform and achieving even further growth and expansion”, said Fredrik Näslund, Partner, Nordic Capital Advisors.

“Under Nordic Capital’s ownership, Itiviti has grown to become a global force in the capital markets industry. As owners, they have been instrumental in supporting us during this development in the spirit of a true partnership and fully focused on seizing the opportunities available to Itiviti. With Broadridge as the new owner, we will be able to take the next natural step in our development and together provide even better technologies to meet our clients’ future demands”, said Rob Mackay, CEO Itiviti. 

“The acquisition of Itiviti enhances Broadridge’s position as a global Fintech leader, expands our Capital Markets franchise and drives additional global scale by increasing our footprint in APAC and EMEA and our ability to serve global clients,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Itiviti is highly complementary to Broadridge’s industry-leading post-trade product suite and other capital markets capabilities and this combination is expected to drive significant value to clients and shareholders”.

Technology and Payments is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network, and a dedicated team within Nordic Capital Advisors across Northern Europe. As one of Europe’s leading tech investors, Nordic Capital has invested EUR 3.8 billion in 19 tech and payment companies since 2004. It has achieved repeatable success in this sector and developed thriving companies as evidenced by the performance of investments such as 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 AB (publ), a pan-Nordic savings platform and Cint Group AB (publ), a global software leader in digital insights gathering, on Nasdaq Stockholm.

The transaction is subject to customary closing conditions and regulatory approval and is expected to close in the second quarter of 2021.

Credit Suisse and Morgan Stanley acted as financial advisors, Dechert as legal advisor, PwC as finance advisor and Oliver Wyman as commercial advisor to Nordic Capital.

Media contact:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit nordiccapital.com

About Itiviti

Itiviti is a leading global capital markets technology service provider offering highly scalable, SaaS-based solutions that deliver unprecedented cost savings for financial institutions by enabling them to consolidate their trading infrastructure. The company’s modular OEMS (order execution management systems) support multi-asset class, global trading across both principal and agency trading operations. Itiviti’s Connect and Trade solution portfolios offer comprehensive tools to support both connectivity, reflective of the growing importance of FIX as the financial markets’ universal language, and adaptivity to changing market dynamics and regulatory demands. Headquartered in Stockholm, Sweden, with offices in 16 countries, the company serves over 2,000 customers across 50 countries, including several top-tier banks, brokers, trading firms and asset managers. For more information please visit itiviti.com

About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $4.5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. They deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge’s infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge’s technology and operations platforms underpin the daily trading of on average more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is a part of the S&P 500® Index, employing over 12,000 associates in 17 countries. For more information about Broadridge, please visit broadridge.com.

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Nordstjernan to invest in fintech company Roaring

Nordstjernan

Nordstjernan is to invest in the rapidly expanding fintech company Roaring and, with a shareholding of just over 20 percent, will become a partner to the founders and existing shareholders on the company’s continued growth journey.

Roaring is a Swedish fintech company formed in 2016, with its office in Täby in Stockholm. The company provides digital services to companies in all sectors with a need to automate customer data processes and know-your-customer (KYC) checks. Roaring offers highly sought-after services in such areas as automated anti-money laundering (AML) monitoring.

In a short time, Roaring has built a high-quality technical solution to ensure a smooth customer onboarding process, which reduces time-consuming manual work for a growing group of reputable customers.

This investment is being made within the Nordstjernan Growth & New technology sector.

“Roaring is the first investment in Nordstjernan’s new growth initiative. Roaring has significant potential in an exciting sector, and we believe Nordstjernan is a good fit as a partner in the phase in which the company currently finds itself,” says Nordstjernan’s CEO Peter Hofvenstam.

Peter Hofvenstam
President and CEO
Nordstjernan AB

Questions will be answered by:

Peter Hofvenstam, CEO, Nordstjernan
E-mail: peter.hofvenstam@nordstjernan.se
Stefan Stern, Head of Communications, Nordstjernan
Mobile: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term value growth. More information about Nordstjernan can be found on www.nordstjernan.se.


This release was sent by Cision

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Allianz to invest in ControlExpert

AllianzX
  • ControlExpert is a leading technology-driven automotive claims processing company active in 16 countries
  • Together with ControlExpert, Allianz expects to significantly improve claims handling through Artificial Intelligence (AI) and automation
  • Transaction is Allianz X’s second majority investment, following the acquisition of Finanzen.de in May 2019

Munich, Langenfeld, 09.03.2020— Allianz X, the digital investment unit of Allianz Group, in cooperation with Allianz Germany, has entered into binding agreements with General Atlantic and other shareholders of ControlExpert for a majority investment in the company. The transaction is subject to the approval of the relevant antitrust authorities.

ControlExpert, a multi-national market leader in AI-supported automotive claims handling, partners with more than 130 insurance companies, car dealerships, repair shops, leasing companies and OEM partners at 17 locations across the world. The company offers an end-to-end platform for companies to digitalize and automate their motor claims management.

“Technical applications and platforms are crucial for capturing new opportunities in the digital era. ControlExpert has emerged as a clear leader in motor claims management in Germany and continues to show growth in international markets. We look forward to bringing together Allianz’s 130 years of experience in claims management and ControlExpert’s technological expertise to drive significant changes in the sector,” said Nazim Cetin, CEO of Allianz X GmbH.

“The cooperation with ControlExpert will enable us to settle automotive claims far more quickly in the future,” stated Jochen Haug, Board Member and Chief Claims Officer at Allianz Versicherungs-AG. “Additionally, we look forward to deploying Artificial Intelligence in key areas such as image recognition and fraud prevention to provide new services and bespoke offers to our customers.”

Following the transaction, ControlExpert will maintain its business model and operational autonomy. The company will retain its name, brand and identity, and will continue to offer its range of services to its clients including Allianz Germany.

“Our long-standing collaboration with Allianz has demonstrated that we share a common ambition in continuing to drive digitalization and customer-centricity forward. With its wide-ranging expertise and international focus, Allianz will support us in achieving further growth both in Germany and in the global markets. In this way, we will take a step closer to realizing our vision of drivers receiving fair compensation for damages on the very same day, anywhere in the world. In the future, it will be possible to handle claims and maintenance processes more quickly and easily, something which all our customers will benefit from,” explained Nicolas Witte, Managing Director of ControlExpert.

“We are looking back on a fruitful partnership with ControlExpert. Since 2017, we have supported the company, the management team around Nicolas Witte and the founding family in rolling out their business model internationally and further institutionalize the company. We are grateful for the constructive and trusting cooperation and wish the company and its employees all the best,” said Jörn Nikolay of General Atlantic.

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Allianz X invests 34.5 million euros in Canadian fintech Purpose Financial

AllianzX
  • Purpose Financial offers a digital asset management platform for private clients, independent financial advisors, and SME lending
  • Allianz and Purpose plan joint development and distribution of retirement and investment products in focus
  • Canada is an important growth market for Allianz

Munich, February 8th, 2021 – Allianz X, the digital investment unit of Allianz, has acquired a stake in the Canadian fintech company Purpose Financial. In a dedicated financing round, Allianz X invested in newly issued shares for the equivalent of EUR 34.5 million, making it the second-largest external shareholder. Allianz X will also have a seat on Purpose Financial’s Board of Directors. The transaction is subject to the approval of the regulatory authorities.

Purpose Financial was founded in 2013 and has since established three successful lines of business: Purpose Investments, a digital asset management service for private clients and institutions, currently with approximately CAD 10 billion in assets under management; Purpose Advisor Solutions, a technology and service platform for independent financial advisors, currently servicing approximately CAD 2 billion in assets; and Thinking Capital, a digital lending and fintech platform for SME companies, which has originated over CAD 1 billion in loans in collaboration with major banks and other partners.

Allianz X’s investment will help Purpose Financial build out its infrastructure for further growth and continue to expand its product offering. In addition, the investment is a first step towards a deeper strategic collaboration between Purpose Financial and Allianz.

“Purpose Financial is a disruptor in the Canadian financial services landscape, having established a unique position in its market, particularly with its digital platform for financial advisors. The company is also well positioned for further growth in asset management and SME lending. We see various opportunities to capitalize on joint business opportunities going forward, for example in developing and distributing retirement solutions and investment products”, said Alexander De Kegel, Deal & Project Manager at Allianz X.

Allianz X invested last year in Wealthsimple, a fast-growing robo advisor also based in Canada. The Canadian wealth management market is estimated to be worth CAD 4 trillion dollars. Currently, the market is dominated by banks, but strong growth is emerging from independent financial advisors and other non-bank platforms.

“Given the current macroeconomic challenges and the growing importance of providing joint Life Insurance and Asset Management solutions, this partnership is a significant opportunity for Allianz and Purpose Financial to leverage each other’s expertise in financial services and digital technology,” said Cameron Jovanovic, Global Head of Retirement and Wealth Propositions of Allianz SE. “Retirement is a strategic growth pillar for Allianz, and we recognize the importance of creating holistic, digitally-enabled solutions for our customers. We see the partnership with Purpose Financial as a step forward in developing the innovative capabilities necessary to tackle the broad set of opportunities and challenges in the retirement sector, both in Canada and around the world,” he added.

“We are excited to welcome Allianz X as an investor and partner in our business alongside our existing investors OMERS and TorQuest,” said Som Seif, Chief Executive Officer of Purpose Financial. “Our business has grown exponentially since founding in 2013 and we are still in the early stages of our journey to innovating within the financial services industry. This partnership will provide us with additional resources and expertise to accelerate our growth and continue to drive innovation across the financial services sector on behalf of consumers.”


Media contacts:

Allianz X

Sebastian Köhnlechner

koehnlechner@asset-communication.de

Purpose Financial

Keera Hart

Keera.hart@kaiserpartners.com


ABOUT ALLIANZ X

Allianz X is the digital investment unit of the Allianz Group. Allianz X invests in and partners with digital frontrunners in the ecosystems relevant to insurance. Allianz X is one of the pillars of Allianz’s digital transformation strategy, and provides an interface between Allianz entities and the wider digital ecosystem.

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Sightline Payments Announces Strategic Investment from Searchlight Capital Partners – Valuing the Business at $525 Million

Searchlight Capital

  • Strategic investment from global PE fund with successful track record in FinTech and vertical technology; Sightline Payments management invest in partnership with Searchlight Capital Partners in transaction
  • Sightline is strongly positioned to respond to the massive explosion in consumer interest in both online sports and iGaming, as well as growth in lottery, entertainment, gaming and hospitality
  • Recent events, as well as responsible gaming initiatives designed to increase transparency and improve customer insight, have combined to create a strong push for the company’s digital cashless solutions among consumers, operators and regulators
  • The domestic Total Addressable Market (TAM) for Sightline’s solutions is estimated at $265 billion
  • Sightline President of Americas Joe Pappano appointed Chief Executive Officer

LAS VEGAS, Nevada – December 9, 2020Sightline Payments (“Sightline” or the “Company”), a dynamic Financial Technology (FinTech) company that is enabling the next generation of cashless, mobile and omni-channel commerce solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems, today announced a strategic investment from Searchlight Capital Partners (“Searchlight”), a leading global private investment firm with more than $8 billion in assets under management. The transaction establishes a post-money valuation of $525 million for the Company.

Sightline serves many of the premier gaming and entertainment operators in the United States including the top-10 sports betting and gaming operators. The Company is poised for significant growth with 60+ programs live in 39 States. Additionally, sports betting is now legalized in 25 states with ballot initiatives underway in more key markets.

Play+, Sightline’s flagship solution for seamless and secure pay-and-play with nearly 1.5 million enrolled accounts, is the leading cashless mechanism for users to safely and easily store money and fund their entertainment on gaming apps, on the gaming floor, and on sports platforms with instant access to their money, anytime, anywhere – all from a smartphone. Customers can also use their Play+ account for transactions at restaurants, retail or e-commerce outlets, and can make ATM withdrawals to easily access their funds while earning valuable loyalty benefits.

The Play+ solution has proven particularly valuable to operators and customers given accelerating demand from consumers for digital payments and cashless integration. Not only has demand for cashless payments in integrated resorts gained tremendous momentum, but sports betting is burgeoning. Play+ remains the premier choice of patrons moving money in and out for iGaming, mobile sports, horse racing and lotteries – all forms of entertainment that are experiencing significant growth.

Concurrent with today’s announcement, Sightline Payments co-founder and Chief Executive Officer, Kirk Sanford announced his retirement and resignation from the Company’s Board.  Sightline President of Americas, Joe Pappano; a 30-year FinTech, payments and gaming industry veteran, has been appointed as Chief Executive Officer and a Director of Sightline.

“Sightline is undergoing an exciting and important transformation and Joe will be an incredible leader, a fierce customer advocate, and is an industry powerhouse. I am confident in his ability to deliver truly phenomenal business performance,” said Kirk Sanford. “I also want to offer my sincere thanks to my incredibly talented colleagues and to the Sightline Board for their guidance and leadership during my tenure. Searchlight is a first-class firm that values and respects those who built the company and whose capital, strategic guidance and operational support will help create considerable long-term value.”

“Kirk has been an exceptional visionary and during his tenure grew the company into a leader in the FinTech industry,” said Sightline Payments co-founders Tom Sears (Chief Operating Officer) and Omer Sattar (EVP Strategy). “Thanks to his many years of hard work, dedication and guidance, Sightline is well-positioned to continue its leadership role in digital payments technologies for the entertainment and gaming ecosystem. The new capital from Searchlight, plus the addition of seasoned and proven executives in key roles will help drive our efforts to be a customer-centric, highly efficient growth company.”

“We have tremendous respect for the work Kirk, Joe and the rest of the management team at Sightline Payments have done over the last 10 years in developing breakthrough innovations in payments technologies,” said Christopher Cruz, Managing Director at Searchlight. “The company is well-positioned to ride the secular trends of consumers’ demand for cashless and digital payments and significant end market expansion. Searchlight is proud to partner with the Sightline management team and co-founders in this investment and to support the acceleration of its growth and innovation.

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