Objectway acquires Algorfin from Unione Fiduciaria
18 January 2019 – Objectway acquired Algorfin, the software and services division of Unione Fiduciaria S.p.A.
The Group strengthens the leadership in the asset management segment: Objectway, the leading Fintech group in Italy and one of the premier European players in software and services for the wealth, investment and asset management industries, acquired Algorfin. Algorfin is specialised in IT and administrative outsourcing services for Asset Management Companies, Custodian Banks and other financial operators, through the Archimede, Diogene and Archimede Governance software platforms.
Archimede is the leading solution for the complete management of open-end and closed-end investment funds, including investors’ management, NAV calculation, compliance and any type of regulatory compliance required. Diogene supports the management of all the activities of a Custodian in the fund management area. Archimede Governance allows Asset Management Companies to perform all the checks required by the European UCITS V regulations. Moreover, Algorfin provides administrative services for back-office management and accounting to some of the premier Italian Asset Management Companies.
A team of over 100 Milan-based, highly specialised professionals from Algorfin join the Objectway Group, which reaches approximately €75 million of annual consolidated revenues with this latest acquisition. In addition to its core business, Unione Fiduciaria will continue to carry out IT and administrative services for trust companies and to provide its own application software to support control functions and whistleblowing managers.
“This is a significant acquisition for our Group – declared Luigi Marciano, CEO of Objectway – as it consolidates our position as leader in the Italian market for Banks, Asset Management companies, Brokers and Custodian Banks, with a comprehensive offer that covers their application needs and opens new growth opportunities in Italy and other markets.”
Objectway partially financed the operation, with the support of UBI Banca and Unicredit, as lending banks, and with the assistance of Marco Carbonara from Hi.lex and of Simmons & Simmons, as legal advisors. For the execution of the deal, Objectway was assisted by: UBI Banca, as financial advisor; Giovannelli e Associati, as legal advisor; Russo De Rosa Associati, as tax advisor; Accuracy for carrying out the financial due diligence. Unione Fiduciaria was assisted by Synpulse, as strategic advisor; by KPMG Advisory as financial advisor, by KPMG for the vendor due diligence, and by Grimaldi as legal advisor.
Founded in 1990, the Objectway Group is a leader in the Digital Wealth, Investment & Asset Management sector with a turnover of approximately €75 million. Its award-winning software platforms serve over 150 customers, in 15 countries and across 3 continents. With offices in Italy, the UK, Belgium, Ireland and South Africa its 700 employees support approximately 100,000 investment professionals to manage more than one trillion euros in wealth.
Unione Fiduciaria S.p.A. was established in 1958 by eight Banche Popolari, to which were added in the following years other Banche Popolari that form the current structure (BPER, BP Sondrio, Depobank, Banco Popolare BPM, Creval). Over the years, the company’s business has achieved a considerable increase and broad diversification, currently offering in addition to fiduciary services, IT services for the fiduciary sector and administrative services and consultancy to financial intermediaries. With assets under administration of over 18 billion euros as of 31 December 2017, Unione Fiduciaria is the first trust company in terms of assets in the Italian market.
Unione Fiduciaria has identified in Objectway a solid and reliable partner to pass the baton for the development of the Algorfin business. With this sale, the process of focusing on fiduciary activity, the company’s core business, continues and accelerates. This operation allows Unione Fiduciaria to invest additional resources for expansion and thus continue a path already started several years ago.