Apax in the lead to buy Italy's Quid Informatica as it builds financial IT hub, sources say
MILAN, Nov 14 (Reuters) -Apax Partners is the front runner to buy Italian IT solutions provider Quid Informatica, two sources close to the matter said on Thursday, after the private equity firm last week bought the IT assets of Milan-based digital bank illimity ILTY.MI
Quid Informatica is being sold by rival private equity firm Equinox, with Mediobanca as an adviser on the process. Equinox declined to comment, Apax was not immediately available for a comment.
Apax Partners controls also OCS and Finwave, two financial software firms specialising, respectively, in consumer credit and factoring, and aims to create a financial software hub, Apax partner Gabriele Cipparrone told an event in Milan on Thursday.
Cipparrone said a fourth acquisition after OCS, Finwave and the illimity assets could be announced soon, without elaborating.
Funds advised by Apax Partners bought OCS and Finwave in 2023, saying the two groups would create a 100 million euro revenue European financial software platform.
Italy's illimity this month agreed to sell 52% of a new company where it transferred its technological assets and IT staff to the Finwave/OCS group for 62 million euros.
Quid Informatica, which designs and manages IT solutions mainly for banking and insurance services, reported revenues of 83 million euros in 2023, with a core profit of 19 million euros.
In April Quid struck a landmark deal with Italy's biggest bank Intesa Sanpaolo ISP.MI, which is pioneering in the country a full transition to a cloud-based core banking system.
The accord with Quid Informatica will allow Intesa to launch financing products for clients through Isybank, the group's digital bank.
Reporting by Elisa Anzolin; Editing by Valentina Za
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
