Temenos Acquires Fund Administrator Multifonds
Temenos broadens its banking software portfolio with Multifonds acquisition.
Multifonds has developed software that allows fund administrators to perform key accounting functions such as intra-day valuations and end-of-day net-asset value (NAV) calculations, as well as support in key investor servicing and transfer agency functions such as investor dealing and shareholder record-keeping.
With 14 offices globally, the vendor is used by nine of the industry's top 15 investment banks, including JP Morgan, Citi, BNP Paribas and Credit Suisse, and claims to help customers improve their efficiency by up to 40 percent on average.
"This represents a highly strategic investment for us that will reinforce our position as the global leader in mission-critical banking software," says Temenos CEO David Arnott. "Following the Multifonds acquisition, Temenos now has best-of-breed software spanning private and wealth management, retail banking, transaction banking, compliance and fund administration, enabling us to offer a broad and highly compelling solution to meet our customers' needs in a rapidly changing environment."
Multifonds will be acquired from its private equity investor Summit Partners for a sum of €234m (or about $261m).
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