GTCR is unloading NYC-based Fundtech to Canada’s D+H for US$1.25 billion. Among its many diverse global banking services and products, Fundtech offers merchant services such as credit card gateways and mobile banking.
D+H says the acquisition provides a market-leading software platform with established scale in mission-critical payment technology. It also delivers capabilities that are relevant to the Company’s existing customer base in Canada and the U.S. while making D+H more relevant to global financial institutions and large U.S. banks.
The deal also Expands D+H’s presence and growth opportunities in the EMEA and APAC regions. Additionally it offers a combined base of 8,000 clients, including 8 of the top 10 and 32 of the world’s top 50 banks, and 190 of the top 300 U.S. banks.
Fundtech has approximately 1,500 employees and 19 offices worldwide, including development centers in the United States, India, Israel, Switzerland and the UK. Fundtech’s solutions are mission-critical to the day-to-day operations of banks and corporate clients. Fundtech offers a comprehensive line of transaction banking solutions including global and domestic payments solutions, financial messaging, corporate cash and liquidity management and merchant services. Fundtech has approximately 1,200 clients, including global money center banks, mid-sized banks and credit unions, non-bank financial institutions, central banks and corporates.
Fundtech develops transaction banking solutions that it offers as either a software license or Software as a Service (SaaS). Major product lines are: payments and liquidity management; cash management, financial messaging through the world’s largest SWIFT service bureau, financial supply chain including: electronic invoice presentment and trade services; remote deposit capture; merchant services such as credit card gateways; and mobile banking.
Fundtech was founded in 1993 and acquired by Chicago-based private equity firm GTCR in 2011.
Fundtech’s 2014 Adjusted revenue was US$263 million(1) ($291 million) and Adjusted EBITDA(1) was US$68 million ($75 million), representing growth of 9% and 15% over 2013, respectively.
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