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Financial software provider Finastra has announced an agreement to sell its Treasury and Capital Markets (TCM) business unit to funds advised by private equity firm Apax Partners LLP. Following the completion of the transaction, TCM will operate independently under a new brand.
The TCM division currently serves over 340 financial institutions globally and provides software solutions for risk management, regulatory compliance and capital markets operations. Its flagship products include Kondor, Summit and Opics, which support front-to-back trade lifecycle management.
The divestment is expected to provide Finastra with capital to reinvest in its core operations. The company will continue to focus on serving its established customer base across 135 countries with financial services technology.
"This sale marks an important milestone for Finastra that will help further launch our next phase of growth with a focused suite of mission-critical financial services software," said Chris Walters, CEO at Finastra. "It will provide capital to accelerate our strategy and reinvest in our core business, while providing our award-winning TCM platform with the backing of an experienced, long-term technology investor to support its continued success moving forward."
As a standalone entity backed by Apax Funds, TCM plans to increase investment in product development, marketing and technology infrastructure. The partnership aims to enhance TCM's strategic focus, customer experience and technological capabilities, particularly in cloud offerings.
"TCM is a robust, mission-critical platform with leading functionality and an impressive customer base," said Jason Wright, Partner at Apax. "We see significant potential to invest in technology, talent, and customer relationships to accelerate innovation and growth as a standalone company, drawing on our 25 years of experience scaling global software companies."
Gabriele Cipparrone, Partner at Apax, added: "We're excited to partner with the TCM team as the business begins a new chapter as an independent organization. With the backing of the Apax Funds, we expect TCM to benefit from accelerated innovation and enhanced operations, delivering even greater value to its clients."
Apax has extensive experience in the application software industry, with investments including Paycor HCM, Zellis Group and ECi Software. The firm also has a track record of supporting corporate carveouts in the software sector.
The transaction is expected to be finalised in the first half of 2026, subject to standard closing conditions and consultation with employee representative bodies where required. Financial details of the deal were not disclosed.
Evercore acted as lead financial adviser to Finastra and Vista Equity Partners, with Kirkland & Ellis providing legal advice. Perella Weinberg Partners also served as a financial adviser to Finastra. Deutsche Bank advised Apax on financial matters, while Simpson Thacher & Bartlett provided legal counsel.
Finastra is a global provider of financial services software applications across multiple sectors including Lending, Payments, Treasury and Capital Markets, and Universal Banking. The company serves 8,100 financial institutions, including 45 of the world's top 50 banks.
Apax Partners LLP has been operating for over 50 years and has raised and advised funds with aggregate commitments of approximately $80 billion. The firm invests across three global sectors: Tech, Services, and Internet/Consumer.
