Swiss-based banking software company Temenos is reportedly considering options to sell its fund management unit Multifonds. This is expected to bring around 600 million euros into the coffers.
The banking software specialist Temenos is reportedly considering a sale and other options for its fund management business Multifonds, according to insiders. This was reported by «Reuters». According to the report, Temenos is said to be asking for «as much as 600 million euros.»
Acquired in 2015 for 235 million euros, Multifonds provides software to enhance operational efficiencies in areas such as, accounting, investor dealing, and shareholder record-keeping, for a variety of users including fund administrators and asset managers.
Rothschild and Goldman Sachs, Interested?
Temenos is said to be working in collaboration with financial institutions Rothschild & Co. and Goldmann Sachs «to gauge interest in the business». On the private equity side, the firm Montagu Private Equity has also reportedly expressed interest in the sale.
Representatives from Temenos, Goldmann Sachs, Rothschild & Co., and Montagu Private Equity declined to comment.
Turbulent Times for Temenos
These talks over the sale take place during a turbulent year for Temenos so far. As finews.ch reported, in February, a report by short-seller Hindenburg Research accused the bank IT software specialist of accounting irregularities, which it refuted. As a result, the value of the company's shares fell by over a third.
These allegations made by Hindenburg were then deemed «incorrect and misleading» by a special committee that Temenos formed in April, which included the Swiss law firm Schellenberg Wittmer and the American firm Sullivan & Cromwell.
Soon after, the interim CEO Andreas Andreadas was forced to resign due to increasing pressure from activist shareholder Petrus Advisers. Temenos then named Jean-Pierre Brulard as chief executive in May.
