Financial support services remained active in December with the management team of Open International (including Open GI and PowerPlace) completing a £300m+ MBO of the business backed by Montagu Private Equity, who originally invested in the business in 2006. The MBO sees Towergate founder Peter Cullum fully exit the business with CEO Chris Guillaume and the existing management team increasing their equity stake.
Lending technology was also active. Proposed digital bank Atom raised £25m ahead of its regulatory authorisation and launch in 2015 from a range of backers including Neil Woodford’s CF Woodford Equity Income Fund, Polar Capitaland venture capital investor Jon Moulton, online working capital financing firmMarketInvoice raised £5m from Northzone Ventures, peer-to-peer lending platform Lendable raised £2.5m from venture capital investors including Passion Capital, UK Government backed London Co-Investment Fund announced its commitment to investing £5m in seed stage technology, digital and science businesses through crowdfunding platform Crowdcube and Landbay, a peer-to-peer lending platform that targets “buy to let” mortgages, has raised its first institutional round of £1.5m led by alternatives investment manager Omni Partners.
In payments, AIM-listed payment services and risk management businessSafeCharge International acquired two businesses this month: Prepaid card issuance business 3V Transaction Services for €14.5m including €11.5m upfront as well as CreditGuard, the secure payment services provider for up to $8.4m including $8.0m upfront. Venture capital firm Kohli Ventures acquired online payments processing firm Dynacart Solutions and the business and financial management solutions provider Intuit announced the acquisition of Acrede, the global cross-border and cloud-based payroll platform.
Elsewhere, eToro, the social investment network, announced a further $27m equity round from existing investors Spark Capital and BRM Group as well as new investment from Ping An Ventures, the venture capital arm of Ping An Insurance Company of China and SBT Venture Capital to fund both product and geographic expansion, the financial services software provider Objectway Financial Software announced the acquisition of UK mid-market investment management software firm 3i Infotech Western Europe, the IT services and software firm Microgen PLC acquired Unity Software, a wealth management software business specialising in the offshore finance industry, for £1.3m, the valuation and corporate finance adviser Duff & Phelps acquired Kinetic Partners, the financial regulatory and compliance firm, and communication and workflow technology firm Symphony Communication Services acquired technology assets developed by Collaboration Services, the open messaging network, from Markit.
Payments sector M&A was particularly active in November. Listed mobile money business Monitise announced a £49.2m joint investment by Santander, Telefónica and Mastercard, representing 8.2% of the company’s existing share capital, to support the development of its global platform capabilities after Visa announced its plans to dispose of its 5.5% stake in October. Payments technology and services provider Worldpay announced the acquisition of SecureNet, the point-of-sale, mobile and eCommerce payments processing, inventory management and data analytics business from US-based private equity house Sterling Partners. CVC-backed online payments firm Skrill announced plans to expand its prepaid solution paysafecard by acquiring online payments business Ukash to add scale to its secure prepaid payment solutions. Mobile payments and e-commerce company Powa Technologies raised a further $80m from US investment house Wellington Management, which also invested $76m last year, to support Powa Technologies’ US launch. Venture capital firm Sequoia Capital are understood to be in advanced discussions to invest $50m into money transfer start-up Transferwise, European POS solutions provider Spire Payments announced the acquisition of the UAE-based EFT (Electronic Funds Transfer) division of STS to further develop its Middle Eastern presence. Cash machine operator NoteMachine announced the acquisition of retail and business foreign currency and international payments firm Eurochange and mobile marketing, loyalty and payments specialist Proxama announced a £4m fundraising including the potential acquisition of Aconite Technology, the provider of EMV transaction processing and NFC mobile technology for £3.8m and finally foreign exchange specialist Travelex announced the launch of a new £25m FinTech investment fund, The Digital Growth Fund, focussed on early stage companies in the retail and financial technology sectors.
In other areas of FinTech, private equity house Carlyle announced the acquisition of investment banking software and data platform Dealogic for an aggregate consideration of c.$700m. Carlyle is partnering with strategic investors Randall Winn (co-founder and former CEO of Capital IQ) as well as Euromoney Institutional Investor, who subsequently announced the acquisition of a 15.5% stake in Carlyle’s acquisition vehicle for $59.2m, financial services software business SS&C Technologies announced the acquisition of investment management software firm DST Global Solutions, a division of DST Systems Inc, for $95m, financial software and managed services provider SmartStream Technologies acquired Credit Suisse’s proprietary commission fees and expense management software.
In trading technology, trading, clearing and settlement services provider Deutsche Börse announced the acquisition of a minority stake in R5FX, the electronic marketplace for emerging market foreign exchange and electronic non-deliverable forwards for an amount in the single-digit millions (GBP), financial information services provider Markit sold the technology assets of its open messaging service to financial communication company Symphony Communication Services and The European Bank for Reconstruction and Development acquired a 4.99% equity stake in the Bucharest Stock Exchange in a move designed to help Romania strengthen its capital markets.
Lending/financing technology has also been active with venture capital houseDawn Capital announcing a £3m funding in early payments finance technology start up Obillex with support also from MMC Ventures. AIM-listed SME finance business GLI Finance was busy announcing two deals to acquire Jersey-based start-up peer-to-peer lender Sancus in a £37.75m deal as well as announcing that one of its platform investments, working capital financing platform Finexkap, completed a $22.5m fundraising including $7.5m in Series A equity funding and $15m to finance the company’s lending operations and civic crowdfunding start-up Spacehive announced that it had raised £1.3m from Big Society Capital and SI2 Fund.
Finally, private equity house European Capital has acquired, subject to regulatory approvals, the global compliance and regulatory services provider Cordium from Sovereign Capital, risk and asset management software and services provider Solera Holdings acquired the vehicle valuations data and software business CAP Automotive for approximately $464m and UK-listed business process outsourcing specialist Capita continued the development of its mortgage administration business with announced preferred bidder status for the Co-operative Bank’s UK mortgage servicing operation Western Mortgage Services, including the acquisition of the staff and assets, in a deal worth up to £325m over 10 years.
FinTech investment continued to be busy in October, with private equity and venture capital houses playing a significant role.
Listed financial services software and consulting business First Derivativesannounced its acquisition of a further stake in capital markets data analytics business Kx Systems to increase its holding from 20.1% to 65.2% on a fully diluted basis for £36.0m, private equity firm Bridgepoint Development Capitalagreed to invest €23m for a minority stake in Trustly Group, the online payment services provider, bitcoin wallet provider Blockchain secured a $30m Series A financing led by venture capital firms Lightspeed Venture Partners, Wicklow Capital and Mosaic Ventures, FinTech private equity firm Frost Brooks backed the US online business valuation firm BizEquity with a $5.1m Series A capital investment and venture capital firms Business Growth Fund andOctopus Investments backed payment fraud prevention business Semafone with a £5m investment.
Peer to peer travel money exchange WeSwap raised $7.5m in Series A financing from venture capital firms IW Capital and EC1 Capital, digital current account provider Ffrees raised £2m from a syndicate of investors including Finance Yorkshire, Nesta Investment Management and theTechnology and Innovation Fund, peer-to-peer payments system Ripulaannounced its first seed financing round. Card authentication technology providerPayfont has raised c.£1.1m from private investors following a recent £100k UK innovation award via Scottish Enterprise, equity crowdfunding platform Seedrsacquired US investment platform Junction Investments to build its US platform and alpha capture software provider TIM Group secured a £2m strategic debt financing from Barclays.
Markets and post trade services provider ICAP, though its early stage seed funding provider Euclid Opportunities, announced a further investment into fund manager market intelligence and analytics provider ENSO, Infocomm Development Authority of Singapore's venture capital arm Infocomm Investment announced a strategic investment into London-basedStartupbootcamp FinTech, the FinTech accelerator, in an initiative to bridge FinTech gateways in Europe and Asia and asset manager real-time trade workflow, portfolio and risk management firm TFG Financial Systems acquired portfolio risk management system business Risk Technology Solutions (RTS). Finally, digital only bank Atom Bank is understood to be seeking to raise £20m from existing and new investors ahead of its launch in 2015 and investment wrap platform Transact continues to progress exit plans with a number of private equity firms understood to be considering bidding for the business.
Outsourced services was also active. Financial markets outsourcing service provider Target Group, working with debt purchaser Arrow Global, announced it had gone live with its first acquisition of a secured loan portfolio, global share registry and investor relations provider Link Group, through its investor relations business Orient Capital, acquired 100% of proxy solicitation services provider D.F. King (Europe), the European business of D.F. King & Co., Inc.and business outsourcing provider Xchanging suspended its merger with the European arm of the US insurance technology firm Agencyport following the announcement that the Competition and Markets Authority was undertaking a review of the planned deal following the previously announced £64.1m transaction in July.
The payments sector continued to be active in September. Barclays Group card services business Barclaycard announced the acquisition of secure payment services provider The Logic Group from the US-based private equity house Susquehanna Growth Equity, US-based ATM services provider Cardtronics acquired the Co-op Group’s Sunwin Services Group which provides cash transportation, ATM services and other security services for £35m, including a long term ATM operating agreement with Co-op food stores. FTSE-100 listed SME software and services provider Sage Group acquired the US payroll and HR services business PayChoice for $157.8m and private equity house ISIS Equity Partners completed a £9.9m investment in CR7 Services Limited, the card payment processing business. This has enabled the CR7 management team to acquire 123Send Limited, the UK provider of point of sales terminals and services. International telecoms and media specialist Millicom entered into a joint venture with electronic payments business Kalixa to offer payment services into Africa and Latin America. Finally, cross-border payments service provider Earthport raised gross proceeds of £26.6m from new and existing institutional investors to facilitate international expansion and Asian presence and loyalty business Collinson Group acquired international payment-based loyalty solutions provider Welcome Real-time.
In insurance technology, insurance IT service provider Acturis Group acquired German motor insurance software provider NAFI, business process services and software provider Innovation Group acquired US roadside assistance services business Driven Solutions Inc for $7.2m of which $0.9m was paid at completion. FinTech investment and advisory firm Anthemis Group led the acquisition of the Gibraltar-based wholesale insurance reporting and analytics business QuanTemplate.
In investment technology, US private equity firm Vista Equity Partners, is reported to be considering its strategic options for its investment in UK financial software business Misys, listed publications and information services provider Reed Elsevier acquired the bank sanction software business Fircosoft for €150m. Risk management software supplier TFG Financial Systems acquired US-based Risk Technology Solutions, the risk management software provider for financial institutions and venture capital investor Ariadne Capital invested in UK online personal finance business Money Dashboard. Technology, financial and administrative services specialist Equiniti acquired customer complaints firm Invigia, including Charter UK, Charter Systems and mycustomerfeedback.com.
In fund administration, Capita Asset Services, a division of FTSE-100 quoted Capita Group, acquired Throgmorton UK Limited, the specialist accountancy and back office provider to the alternative asset management sector and financial services industry. Finally, in trading technology, FX agency broker FXPro acquired spot FX aggregator Spotix and venture capital investment firm Beringea Growth Finance invested £1.5m in market data access and order execution solutions business Celoxica.
Activity in the payments sector remains buoyant with private equity house Bridgepoint acquiring international payments and foreign exchange provider Moneycorp from private equity house SOF Investments for £212m. US-based money transfer specialist MoneyGram International acquired european MoneyGram services provider MTI Money Transfer, listed payments investment vehicle Digital Payments PLC completed the acquisition of US payments technology, transaction processing and infrastructure business Muscato Group Inc. for $14.6m, including $4.6m in cash, and listed secure electronic payment systems provider Earthport acquired a 45% minority stake in financial trading services and network solutions business ASPone for £2.7m.
In insurance technology, Montagu Private Equity acquired Open International in a management buyout of the software and services provider to the general insurance market Open GI and Power Place. UK insurer Admiral was also reported to be evaluating a bid for telematics firm Insure The Box.
Lending technology was also active. Following last month’s $65m fundraising, online business lending company Funding Circle acquired US online underwriting technology business LeapPay and SOF Investments-backed business Target, the provider of software and outsourced services in the loans, savings and insurance markets, acquired Freedom Finance, the personal loan broker. Financial software business Misys, acquired US-based provider of commercial loan origination and loan workflow management software Custom Credit Systems and investment companies JRJ Group, TomsCapital and 76 West Holdings announced the acquisition of working capital software and solutions business Demica.
Finally in trading technology, financial spread betting services provider Monecor acquired Ariel Communications the supplier of software systems and components to online margin trading providers and stock tips comparison site Stockomendation secured an undisclosed funding round from angel investors.
Insurance technology has been active this month with private equity house HgCapital’s Mercury Fund announcing the acquisition of the insurance software and services provider Sequel Business Solutions. Xchanging, the transaction processing and support services provider, was busy with the acquisition of the european operations of Agencyport Software, the web-based solution provider for property and casualty insurers, for £64.1m, as well as the acquisition of insurance broker and reinsurance systems provider Total Objects for up to £21m, including £11.5m on completion. Also in insurance technology, insurance services provider Direct Line acquired a 15% stake in telematics service provider The Floow which will be used to build its service proposition.
Venture capital investors, both UK and overseas, remain very active in the sector. Index Ventures, Accel, Union Square Ventures and Ribbit Capital participated in a $65m Series D fundraising for the online marketplace for business lending Funding Circle to support its growth, product ranges and international market presence. Index Ventures also participated in a $7m Series A fundraising for credit risk data specialist Credit Benchmark, founded by the team who built Data Explorers, another securities analytics business. Balderton Capital participated in a £5m Series B fundraising in investment crowdfunding platform Crowdcube, with a £3.8m investment, while the business completed its remaining funding through a crowdfunding offering. Finally Index Ventures and Horizon Ventures announced their participation in a funding round for Under 18s prepaid debit card and mobile banking app business Osper, Octopus Investments participated in a $2m funding round for the bitcoin and digital asset services company Elliptic and True Ventures provided additional funding for payments validation business Apply Financial.
Also in payments (in addition to Osper and Apply Financial), electronic payment and banking solutions provider ACI Worldwide announced the acquisition of the ecommerce and payments fraud prevention business Retail Decisions (ReD) for $205m in an all cash deal. Newly-listed payment transaction and message processing services provider Digital Payments acquired prepaid program management business Baytron for £8.25m, including £2.25m in cash. Finally, international payment services provider FAIRFX listed on AIM to raise £2.6m in the new issues market.
In trading technology, derivatives market provider CME Group acquired European energy market trading software provider Trayport as well as pricing, risk management and analytics software business Fenics from inter-dealer broker GFI Group for $655m. Trading and clearing venue services provider Cinnober Financial Technology acquired Markit’s Trade Reporting service (“BOAT”) which Markit had previously planned to discontinue and trader communication systems provider Flexenet acquired Speakerbus’ Network Services business, including a private wire community across US, Canada and the Far East.
Elsewhere, shareholder services business Computershare acquired mortgage administration services provider Homeloan Management from Skipton Building Society for £47.5m, and business outsourcing group Equiniti continued to be active with its investment services division announcing the acquisition of JP Morgan’s corporate dealing service, building on last month's acquisition of Selftrade. Finally information services publisher Euromoney acquired the trade and assets of the Mining Events Division (principally an African mining investment forum and trade event) of US-based Summit Professional Networks for £45.3m.
Yet again the payments arena was very active this month. Mobile payments and e-commerce firm Powa Technologies acquired Hong Kong-based mobile payments start-up MPayMe for $75m and money transfer start-up TransferWise raised $25m funded by Sir Richard Branson as well as existing shareholders Peter Thiel, Index Ventures and Kima Ventures. Currency services, trade finance and treasury outsourcing provider Ebury raised £18m to support its expansion including an investment from venture capital provider Greylock IL. Payment gateway and service provider UPG plc acquired Accept Cards Ltd, the provider of card processing capabilities for merchants, as well as Accept Card Rentals Ltd. Online payments and risk management provider Optimal Payments agree to acquire payment processing business TK Global Partners (trading as Meritus Payment Solutions) for up to $210m as well as online payments business Global Merchant Advisors for up to $15m. Finally in payments mobile money technology provider Monitise acquired the marketing content delivery platforms Markco Media (trading as MyVoucherCodes.co.uk) and Second Last Ticketing for up to £55m (collectively) to enhance its international mobile commerce network.
UK data provider Markit has been busy with the acquisition of tax compliance and reporting services software business Compliance Technologies International. Markit also raised $1.28bn in an initial public offering on Nasdaq with shares pricing at the mid-point of the $23 to $25 price range and giving the business a market capitalisation of c. $4.5bn. Information services provider Thomson Reuters continues to be active with the sale of the Extel business to Hong Kong-based corporate access platform WeConvene as well as the acquisition of UBS Convertible Indices, the convertible bond market index business.
Insurance technology has also been active with UK mobile services provider Vodafone agreed to acquire Cobra Automotive, the Italian car technology company for €145m and Enigma Telematics merged with Viasat Group, the Italian telematics provider. Banking IT solutions provider GFT Technologies acquired business and IT consultancy Rule Financial, including its international subsidiaries, to broaden its presence among investment banks in the UK and US. Online direct-to-consumer wealth management platform Nutmeg raised £19m from a range of investors including Schroders and Balderton Capital as well as Charles Dunstone (Carphone Warehouse) and Michael Spencer (ICAP).
Finally reinsurance and financial services group Swiss Re, through its division ReAssure UK Life Assurance, acquired the UK pensions business of HSBC Life (UK) Ltd, the subsidiary of HSBC Holdings plc, and digital banking start-up Atom Bank secured an investment from Middleton Enterprises.
M&A activity in the payments space continued with entrepreneur Dr BR Shetty teaming up with equity partners associated with UAE investment firm Centurion Investments to acquire retail foreign exchange business Travelex from Apax Partners for a reported £1bn. Online gaming business Bwin.party digital entertainment, via its payments subsidiary Kalixa Pay, acquiring card processing services provider PXP Solutions, WorldPay invested in the innovative US payments start-up Paizen and Zouk Capital led a €40m Series C funding round in the Swedish mobile payment services and apps provider iZettle. Payment processor Paypoint, through its subsidiary PaybyPhone, acquired parking services provider Adaptis Solutions. Finally mobile payments and loyalty app Yoyo raised $5m in seed finance with co-investment from existing backer Telefonica Group, Imperial Innovations and new venture platform Firestartr.
Clearing and trading technology provider CFH Group acquired 50% of foreign exchange technology firms Boston Technologies Inc and Boston Prime while trading technology firm Fixnetix bought back the 25 per cent stake it sold to NYSE two years ago from IntercontinentalExchange. Financial information services provider Markit filed its registration document with the SEC for a potential Nasdaq IPO, BC Partners-backed financial information provider Mergermarket acquired the corporate finance and capital markets documents provider Perfect Information for a £26m enterprise value and Australian investor services provider Orient Capital acquired the London based capital markets intelligence business King Worldwide Investor Relations, formerly known as Capital Precision, taking a 50% stake in D.F. King’s European operations, the proxy solicitation firm..
In fund administration, emerging markets specialist Providence Financial announced the acquisition of Guernsey fund administration firm Fund Corporation, subject to regulatory approval, multi-boutique asset management firm Northern Lights Capital invested in private placement firm Buick Capital Partners and wrap provider Transact acquired a 15 per cent stake in investment data aggregation business Sprint Enterprise. Finally, LexisNexis, owned by Reed Elsevier, continued to be active with its acquisition of Wunelli, the insurance telematics provider and Vasco Data Security International acquired fraud and money laundering firm Risk IDS.
In the financial support services sector, the payments space in particular remains active. Payments services provider WorldPay Group acquired the Latin American payment solutions provider Cobre Bem Tecnologia. Albion Ventures and Octopus Investments owned cash shell AimShell Acquisitions agreed to acquire, via reverse takeover, mobile payment services provider Mi-Pay Ltd for up to £9m with AimShell to be renamed Mi-Pay plc. The Currency Cloud, the international payments business, raised $10m in Series B funding from existing investors Atlas Venture, Anthemis Group, Notion Capital, Xange Private Equity and Silicon Valley Bank. Independent provider of point of sale hardware and software solutions Spire Payments acquired Eastern European payment application and loyalty scheme specialist Altius Plus. Debitsuccess, part of the Australian payment solution company Transaction Services Group, acquired direct debit billing provider Harlands Group specialising in the leading UK and European gym chains and online precious metal dealer GoldMoney announced the spin-off of its digital currency focused arm Netagio.
In trading technology, NYSE exchange operator IntecontinentalExchange has acquired specialist low latency trading technology firm Algo Technologies. FTSE TMX Global Debt Capital Markets, the joint venture between FTSE Group and TMX Group, has acquired the FTSE-owned indices business of electronic fixed income trading market provider MTS. Existing MTS index products will transition to the FTSE MTS name and the FTSE Group will retain a 72.7% majority stake in FTSE TMX Global Debt Capital Markets as a result of the acquisition.
In risk management, identity intelligence specialist GBGroup acquired Australian fraud detection and risk management business DecTech Solutions for £20.5m and risk information provider LexisNexis Risk Solutions (owned by Reed Elsevier) acquired the acquisition of consumer intelligence and online tracing services provider Tracesmart.
Finally, private equity firm Amadeus Capital Partners lead the B funding round for Brazilian online insurance price comparison and brokerage Bidu, specialist compliance consultancy Thistle Initiatives acquired insurance compliance firm UKGI and stockbroker services provider Rowan Dartington acquired the Isle of Man-based open architecture online wealth platform Acordias thus enabling Rowan Dartington to deliver its stockbroking and discretionary fund management services on a global basis.
Financial support services M&A continues to be busy. In the international payment services sector US electronic payments provider Euronet Worldwide announced the £145m acquisition of payments and foreign exchange services provider HiFX. Mobile payments provider Monitise announced a £109m share placing which saw Mastercard take a minority stake (alongside existing investor Visa) in an overhaul of its business model to substitute upfront licence fees for a subscription-based model. Money transfer service provider Azimo raised $10m in development capital led by Greycroft Partners, online money transfer specialist Worldremit secured $40m in Series A development capital from Accel Partners and mobile payments business Flypay raised $1m from growth capital provider Entree Capital. Finally payments hardware and software provider Spire Payments acquired Altius Plus, the payment application providers.
Trading technology was also active. Private equity house HgCapital acquired electronic trading applications provider Ullink, global institutional trading network Liquidnet revealed plans to enter the fixed income market with the acquisition of bond trading platform Vega-Chi, Howard Edelstein, Bonddesk’s former CEO and Chairman, invested in the fixed income liquidity discovery start-up Algomi and the London Stock Exchange acquired fixed income trading platform Bonds.com through its European bond trading platform MTS.
In compliance services, secure financial messaging business SWIFT acquired the financial crime prevention services provider Omnisicion and the compliance consultancy services provider The Consulting Consortium secured a £10m investment from growth capital provider the Business Growth Fund (“BGF”). BGF also backed Jumpstart, the tax credit reclaim technology specialist, providing £3.4m of growth capital.
Finally, share registration and investor services provider Equiniti acquired the lending systems and solutions provider Pancredit Systems, employee benefits specialist Personal Group Holdings acquired the employee benefits technology provider Lets Connect IT Solutions for £12m, including £6m cash at completion, and business process, procurement and technology provider Xchanging plc invested $1m in MachineShop Inc, a next-generation enterprise middleware provider.
FinTech M&A activity continued in February. US private equity house GTCR has agreed to acquire Vitruvian-backed credit reference agency Callcredit Information Group, Danish investment and portfolio management software provider SimCorp acquired the remaining 80% of reporting software firm Equipos for £8.3m, stock exchange operator Deutsche Börse acquired a minority stake in electronic bond platform Bondcube and banking software house Misys acquired the Hungarian digital banking solutions business IND Group.
Insurance technology also remained active. Quindell Portfolio announced the option to acquire the remaining 57% in ingenie (as mentioned in the insurance sector summary above), telematics technology provider Lysanda announced the acquisition of Tracker Network from Direct Line to form Tantalum and private equity house HgCapital invested in insurance broker software provider Relay Software.
Irish payment services business FEXCO continue to be active with the acquisition of currency exchange services business Intercash Bureau de Change, peer-to-peer foreign exchange business Kantox secured £5.3m in funding from a venture capital consortium including Partech Ventures and Sovereign Capital-backed Cordium completed its third transaction in recent months with the agreement to acquire Maltese advisory and compliance consultancy Zodiac Advisory Services.
Finally savings and investments digital services provider Quai Administration Services secured a £2m investment from Calculus Capital, online investment services provider Interactive Investor Trading secured funding from Unicorn Asset Management and Augmentum Capital, cashback loyalty program business Red Zebra Analytics secured financing from SBT Venture Capital and debit and credit card loyalty bonus app Birdback secured financing from Passion Capital and Playfair Capital.
Corporate and fund services continues to be busy. Electra Partners acquired the Ogier Fiduciary Services business from the Ogier Group in a £180m transaction, Deutsche Börse acquired regulatory compliance software provider Impendium Systems, Sovereign Capital-backed compliance consulting specialist Cordium acquiring the UK tax, accountancy and regulatory compliance consulting services firm HedgeStart Partners, Anacap-backed trust and corporate services provider First Names Group acquired Guernsey trust, funds and corporate services provider Mercator, CBPE Capital-backed JTC Group acquired a private client book of business and staff from Herald Trust and Bank of NT Butterfield acquired the trust and corporate services business from Guernsey-based Legis Group Holdings.
US-listed Equifax acquired TDX Group, the debt placement services and management platform for £200m, Callcredit Information Group acquired analytical software solutions and consultancy provider Coactiva and online wealth management company Nutmeg attracted investment from Nigel Wray.
Online lending has also seen activity. As referred to in the lending overview above Zopa, the peer-to-peer lending platform, secured £15m from London-based hedge fund Arrowgrass Capital Partners, Global Founders Capital, the German VC and Redline Capital Management announced a €6.1m investment in e-commerce business lender Iwoca and P2P lending business Lending Works announced £3.5m start-up funding from private investors including David Kyte, founder of the Kyte Group.
Payments was also active. Mobile banking and payments business Monitise acquired Turkish mobile technology company Pozitron Yazilim AS for £24m (and earn out consideration of up to £36m), GoCardless, the online direct debit payments platform announced a $7m in financing led by Balderton Capital alongside existing investors Accel Partners and Passion Capital, mobile payment specialist Powa Technologies announced a further $20.7m investment from Wellington Management to add to the $76m raised in 2013 and Business Growth Fund invested £3.2m in Thames Card Technology, the plastic card manufacturer.
Finally on the trading side, risk and quantitative analytics provider Financial Machineries acquired the contributed data consultancy Data Contributions and financial data firm Markit acquired order management system business thinkFolio.