Private equity firm GTCR has completed the previously announced sale of its portfolio company, Fundtech, to DH Corporation (TSX: DH) for cash consideration of approximately USD1.25 billion.
Headquartered in New York, Fundtech is a provider of mission-critical software that facilitates payment processing, cash management, and financial messaging products for financial institutions and corporate customers. Fundtech’s flagship next generation payment hub software provides leading money centre banks with the ability to achieve enhanced payment efficiency, cost effectiveness, visibility and compliance by operating global payment functionality through a single software instance.
In 2011, GTCR partnered with founder and CEO Reuven Ben Menachem to facilitate the transformational merger of Fundtech Ltd. (NASDAQ: FNDT) and Bankserv Inc. In the process, GTCR took Fundtech private and completed the acquisition of privately-held Bankserv, a complementary provider of SaaS-based payments software. The combined company, with enhanced scale for innovation and global growth, became a leader in this growing and dynamic area of financial technology.
Barclays and RBC Capital Markets, LLC served as Fundtech’s financial advisors, and Kirkland & Ellis LLP provided legal counsel.
