Private equity firm BlackFin has acquired GP3 and Decalog, two software solutions providers dedicated to the asset management and asset servicing industry, from SunGard.
GP3 is a fund accounting, valuation and reporting software, while Decalog is a middle-office, front-office and compliance software.
BlackFin is combing the two companies to create new entity, which will be known as NeoXam.
Overall, NeoXam will employ circa 250 people, of whom circa 150 are in Western Europe, and will generate consolidated revenues of around USD50m making it one of the largest European providers of software solutions dedicated to the asset management industry.
NeoXam plans to invest in the continuous improvement of its GP3 and Decalog software solutions, to ensure that they remain the best available products in the market.
Laurent Bouyoux, president of BlackFin Capital Partners, says: “We are delighted to acquire GP3 and Decalog, which are among the best software solutions for the asset management industry. We are impressed by the customer portfolio of GP3 and Decalog, which includes many of the largest asset managers and fund administrators in Europe, China, South Africa and the US. Our primary objective is to ensure the continuity of these long-lasting relations, and the acquisition of many new customers, based on best-in-class customer service, as well as functional and technical leadership. We are convinced that NeoXam has a strong growth potential and are eager to support the development of the company internationally.”
