Fintech activity continued with London Stock Exchange acquiring the remaining 50% in indices data business FTSE International from JV partner Pearson for £450m. US-based FleetCor Technologies acquired fuel card services player Allstar Business Solutions for £194m and US rating agency Moody’s acquired insurance risk management modeller Barrie Hibbert for £50m.
Other deals included HgCapital acquiring IRIS Accountancy Solutions for £26.5m whilst Innovation Group acquired Claims Services Australia for £13m and Lombard Risk Management acquired SOFGEN’s regulatory reporting business for £4m.
Payments has been active with Cardtronics acquiring US ATM operator Access to Money and Canadian ATM business Mr Cash. Belgian electronic payments specialist Clear2Pay acquired UK ATM testing specialist Level Four Software and Visa Europe has taken a minority stake in UK data analytics firm Beyond Analysis.
Ffastfill is acquiring US technology software business WTD Consulting for $12.0m, Markit acquired research and trading analytics firm Quantitative Services Group, Brightside paid £17m for insurance software firms eDevelopment Limited and E-Systems, Randall & Quilter acquired Synergy Insurance Services, Indian Dion Global Solutions acquired wealth management software business Investmaster and US credit ratings business Moody’s acquired a stake in UK analytics provider Copal Partners.
Finally Scottish Friendly Assurance sold its back office wrap admin business to Citi whilst US private equity house Genstar Capital acquired Reed Elsevier’s policy administration software business Insurance Software Solutions.
Parseq, the listed financial services support services provider, announced a £34m take private backed by Dover Street Capital and Nova Capital whilst Travelex Global Business Payments (Western Union) acquired Pay 24-7, the online payments technology for universities / higher education institutions globally.
Fund and fiduciary services specialist Abacus, acquired Isle of Man-based fund administrators, Portal Fund Administration and KPMG LLP acquired Xantus Ltd, a Cheshire-based provider of management consultancy services. Standard Life acquired pension scheme operator EMAP Flexiplan Trustees and finally Vitruvian-backed Callcredit acquiring TenantID, the tenants letting history business.
Wells Fargo is to acquire LaCrosse Global Fund Services, the hedge fund administration business, from Cargill whilst the London Stock Exchange looks set to acquire LCH.Clearnet. Dublin-based trading technology business Frontier FX was also acquired by FXDD Malta.
Private equity also continued its activity with Reed Elsevier agreeing to acquire Investcorp’s US-based financial services data solutions business Acuity, Carlyle’s acquisition of trading monitoring software business ITRS and Equiniti (owned by Advent) acquiring the Corporate and Employee Services dealing division from NatWest Stockbrokers.
Capita continue to be active with the announced acquisition of AIB’s international financial services division for £29m subject to regulatory approvals and AIBJerseytrust, the trust services business, for £12.5m again subject to regulatory approvals. The London Stock Exchange also acquired the business and assets of FSA Transaction Reporting Service for £15m, again subject to regulatory approval.
IFA support services provider SimplyBiz bought Sifa, the trade body for IFAs and solicitors, ahead of the incoming Legal Services Act and Centaur Media has acquired wrap and platform research firm Platforum for an initial price of £1.8m.
Financial support services continue to be active with Western Union’s announced acquisition of Travelex Global Business Payments from Apax for £606m. The London Stock Exchange is understood to be in discussions around a potential merger with Nasdaq, following last month’s failure to complete the Toronto Stock Exchange deal.
The London Stock Exchange terminated its proposed £1.8bn merger with TMX due to insufficient shareholder support in the face of a rival bid from Maple Acquisition, a Canadian consortium of financial institutions. US banking software provider FIS Global made a preliminary bid for the UK banking software business Misys. Trading technology supplier Lightspeed Financial acquired the Irish unit of Lime Brokerage, a provider of professional trading and brokerage solutions. Early stage investor DN Capital completed the sale of Datanomic, the data quality and risk software business, to Oracle. FTV Capital invested $30m for a minority stake in Ireland-based Apex Fund Services.
US private equity firm Thomas H Lee Partners acquired insurance software house Sword Insurance whilst Worldpay, controlled by Advent International and Bain Capital, acquired Envoy Services, the payment services provider, for £70m. Fund administrator Butterfield Fulchrum was acquired by management, backed by private equity firm BV Investment Partners. Ireland-based Apex Fund Services acquired Australian Lazorne Fund Administration Services, the financial services regulatory compliance business. Bank of Ireland sold its US-based FX processing business Foreign Currency Exchange Corp to Wells Fargo Bank.
The London Stock Exchange sold its Italy-based software business for £32m (including cash) to Computershare. Investcorp-owned online payments group Skrill (operating as Moneybookers) shelved its £160m listing plans citing insufficient investor demand. Spring Programs, the financial regulation reporting business was sold to Wolters Kluwer Financial Services.
Capita’s management consulting arm acquired financial services change management specialist Xayce from 2e2 Group. Capita also sold its Gibraltar-based fund administration business, Capita Financial Administrators, to Helvetica Fund Administration, the established Gibraltar-based fund administration company.
The London Stock Exchange announced its proposed merger with TMX Group, the owner of the Toronto Stock Exchange. BATS Global Markets announced negotiations to acquire Chi-X Europe, the operator of an equities multilateral trading facility. 1st The Exchange (now Avelo), the investment technology business acquired IFA internet firm Screen Business.
US private equity group TPG Capital acquired the Information Products Division (property information) of Macdonald Dettwiler & Associates for c. $850m. UK turnaround private equity house Endless backed the £20m MBO of Liberata led by Dermot Joyce & Martin Trainer. Vitruvian-backed Callcredit acquired The Trading Floor, the transactional data and marketing research services firm and Latitude Digital Marketing, a mobile marketing services business. Isle of Man-based payment and money services provider Neovia Financial acquired Canada-based Optimal Payments for $50m. Financial Express acquired eValue, the financial planning and modelling tools business, from Tower Watson.