Swiss core banking vendor Temenos has offloaded its asset administration business Multifonds to Montagu Private Equity for $400 million.
Founded in 1995, Multifonds is a provider of proprietary investment accounting and transfer agency software, used to administer more than $10tn of assets. Its products perform a range of back- and middle-office fund services tasks, such as net asset value calculations, intra-day investment management, and investor lifecycle support across Know Your Customer (KYC) and Anti-Money Laundering (AML).
The platform is currently used to administer around $10 trillion in assets and supports more than 30,000 funds across 35 jurisdictions, with notable clients including JPMorgan, Citi, BNP Paribas, and Credit Suisse.
Temenos acquired Multifonds in 2015 for $243 million.
Montagu is an established investor in the fund administration technology space and will work with the Multifonds executive team - who invested in the buy out - on the transition.
Daniel Fischer, partner at Montagu, says: “We have long admired Multifonds as a highly attractive global platform, providing mission-critical fund accounting and transfer agency solutions to blue-chip customers. This aligns strongly with our investment criteria in a core sector for Montagu.
Temenos says the sale "simplifies the Temenos product portfolio and aligns with Temenos’ new strategic and operational plan to drive above-market growth".
The transaction is is expected to be completed in Q2-25.