Fidessa Agrees to £1.4 Billion Takeover by Temenos
- It comes after the pair said yesterday they were in advanced discussions over an all-cash acquisition offer.
Fidessa Group Plc said on Wednesday that it has agreed to a takeover by Swiss fintech company Temenos in a deal worth up to £1.4 billion ($1.96 billion), signaling the start of what may become a flurry of consolidation in the sector.
It comes after the pair said yesterday that they were in detailed, advanced discussions over an all-cash acquisition offer.
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The UK-based trading technology supplier recommended the deal to shareholders, who will receive £35.67 per share, plus the £0.797 per share dividend announced before the company’s 2017 results.
The takeover will allow Temenos Group AG to achieve its turnaround ambitions sooner than expected through tapping Fidessa’s equity-trading technology.
Temenos’s pursuit of Fidessa is its second attempt to buy a British software company. The deal comes six years after losing out in the battle to buy UK financial software provider Misys.
Temenos’s executive chairman Andreas said that the deal will accelerate both companies’ complementary growth strategies against a background of increasing economic uncertainty in the UK and a more challenging trading environment. It also enables his company to cross-sell into existing client bases and capture a greater share of the IT and software spend of banks especially as they move to the Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term.
He added in a statement: “The capital markets industry is undergoing structural changes that will require it to renew its software systems. However, the current vendor landscape is fragmented and dominated by legacy technology. This creates a huge opportunity to combine the complementary product strengths of Fidessa and Temenos in the front and back office to create a highly differentiated Multi-Asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term class end-to-end platform for capital markets that will offer best in class costs and processing capabilities.”
Fidessa Group Plc said on Wednesday that it has agreed to a takeover by Swiss fintech company Temenos in a deal worth up to £1.4 billion ($1.96 billion), signaling the start of what may become a flurry of consolidation in the sector.
It comes after the pair said yesterday that they were in detailed, advanced discussions over an all-cash acquisition offer.
Discover credible partners and premium clients at China’s leading finance event!
The UK-based trading technology supplier recommended the deal to shareholders, who will receive £35.67 per share, plus the £0.797 per share dividend announced before the company’s 2017 results.
The takeover will allow Temenos Group AG to achieve its turnaround ambitions sooner than expected through tapping Fidessa’s equity-trading technology.
Temenos’s pursuit of Fidessa is its second attempt to buy a British software company. The deal comes six years after losing out in the battle to buy UK financial software provider Misys.
Temenos’s executive chairman Andreas said that the deal will accelerate both companies’ complementary growth strategies against a background of increasing economic uncertainty in the UK and a more challenging trading environment. It also enables his company to cross-sell into existing client bases and capture a greater share of the IT and software spend of banks especially as they move to the Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term.
He added in a statement: “The capital markets industry is undergoing structural changes that will require it to renew its software systems. However, the current vendor landscape is fragmented and dominated by legacy technology. This creates a huge opportunity to combine the complementary product strengths of Fidessa and Temenos in the front and back office to create a highly differentiated Multi-Asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term class end-to-end platform for capital markets that will offer best in class costs and processing capabilities.”