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 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, 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.
Source: Reuters.com