Apax in the lead to buy Italy's Quid Informatica as it builds financial IT hub, sources say
14/11/2024 18:06
MILAN, Nov 14 (Reuters) - Apax Partners is the front
runner to buy Italian IT solutions provider Quid Informatica,
two sources close to the matter said on Thursday, after the
private equity firm last week bought the IT assets of
Milan-based digital bank illimity ILTY.MI
Quid Informatica is being sold by rival private equity firm
Equinox, with Mediobanca as an adviser on the process. Equinox
declined to comment, Apax was not immediately available for a
comment.
Apax Partners controls also OCS and Finwave, two financial
software firms specialising, respectively, in consumer credit
and factoring, and aims to create a financial software hub, Apax
partner Gabriele Cipparrone told an event in Milan on Thursday.
Cipparrone said a fourth acquisition after OCS, Finwave and
the illimity assets could be announced soon, without
elaborating.
Funds advised by Apax Partners bought OCS and Finwave in
2023, saying the two groups would create a 100 million euro
revenue European financial software platform.
Italy's illimity this month agreed to sell 52% of a new
company where it transferred its technological assets and IT
staff to the Finwave/OCS group for 62 million euros.
Quid Informatica, which designs and manages IT solutions
mainly for banking and insurance services, reported revenues of
83 million euros in 2023, with a core profit of 19 million
euros.
In April Quid struck a landmark deal with Italy's biggest
bank Intesa Sanpaolo ISP.MI , which is pioneering in the
country a full transition to a cloud-based core banking system.
The accord with Quid Informatica will allow Intesa to launch
financing products for clients through Isybank, the group's
digital bank.
(Reporting by Elisa Anzolin; Editing by Valentina Za)
((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))