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Nordic Capital exits Itiviti investment to Broadridge in EUR2.143bn deal

Broadridge Financial Solutions is to acquire Itiviti Holding (Itiviti), a  provider of trading and connectivity technology to the capital markets industry, in an all-cash transaction valued at EUR2.143 billion (approximately USD2.5 billion) from Nordic Capital.

Nordic Capital has agreed to sell Itiviti, a provider of trading technology and services to financial institutions, to Broadridge Financial Solutions, in a deal valued at EUR2.143 billion.

Credit Suisse and Morgan Stanley acted as financial advisors, Dechert as legal advisor, PwC as finance advisor and Oliver Wyman as commercial advisor to Nordic Capital.

The Nordic private equity group took Itiviti private in 2012, and since then the company has invested in technology and aimed to fully transform the company to create one of the world’s leading providers of trading technology for the global capital markets industry, according to Nordic Capital.

During Nordic Capital’s ownership, Itiviti developed from being a specialist financial software provider to becoming a global player offering a modern cross-asset capital markets platform; by investing in technology, following a technology acquisitions strategy and a focus on expanding R&D, as well as putting in place an organisational framework with the intention to meet future capital market needs. 

Today, Itiviti is fast-growing and has more than 2,000 customers world-wide, over EUR200m in revenues and around 1,000 employees.

“The company has experienced a journey of growth and transformation during Nordic Capital’s ownership. With the combination of Itiviti and Ullink, Nordic Capital created a world leading technology and infrastructure provider that is ideally positioned to take advantage of increased complexity and regulations in the financial services industry,” commented Fredrik Näslund, partner at Nordic Capital Advisors.

“It’s now time for the company to take the next step forward together with Broadridge, capitalising on next-generation technology platforms and achieving even further growth and expansion,” he added.

Nordic Capital has invested EUR3.8 billion in 19 tech and payment companies since 2004, having developed Bambora, Trustly, Cint, Siteimprove and Signicat among other companies.

The sale of Itiviti comes just a few months after Nordic Capital announced the listing of portfolio companies Nordnet, a pan-Nordic savings platform and Cint, a global software provider of digital insights gathering, on Nasdaq Stockholm.

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