09 December 2016
Visit aciworldwide.com

FIS agrees Capco acquisition

19 October 2010  |  14033 views  |  0 cash

Financial software house FIS has signed a definitive agreement to buy consultancy Capco in a deal worth at least $292 million.

The deal, expected to close by the end of the year, sees Capco majority shareholder, Palo Alto-based private equity firm Symphony Technology Group, bought out.

The purchase price includes cash at closing of $292 million and "additional consideration contingent upon future performance of the business".

Capco is a global business and technology consultancy dedicated to the financial services industry, employing over 1000 staff in offices throughout Europe, North America and India. It is expected to make around $225 million in revenues this year.

FIS says the acquisition expands its international footprint with services covering banking, capital markets, wealth and investment management, finance, risk and compliance and technology.

Capco founder and chief executive officer Rob Heyvaert will continue to lead the business, reporting to FIS President and CEO, Frank Martire and also becomes a corporate EVP of the parent. The rest of the Capco management team will stay in place.

Says Heyvaert: "Combining Capco's collaborative consulting services with FIS' industry leading core banking and payments solution suite will enable both organizations to better leverage our individual strengths while providing our respective clients with a unique blend of market expertise, technology solutions and strategic support."

Earlier this year FIS was itself a takeover target, with a group of private equity firms eyeing a $15 billion leveraged buyout. However, talks broke down, prompting the vendor to embark on a leveraged recapitalisation with a share repurchase.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FIS looks to recapitalisation deal after PE firms drop bid

FIS looks to recapitalisation deal after PE firms drop bid

18 May 2010  |  7697 views  |  0 comments
PE firms eye buy-out of Fidelity National Information Services

PE firms eye buy-out of Fidelity National Information Services

07 May 2010  |  9731 views  |  2 comments
Capco acquires City Practitioners

Capco acquires City Practitioners

11 July 2007  |  9158 views  |  0 comments
I-flex acquires Capco's Singapore unit

I-flex acquires Capco's Singapore unit

04 January 2007  |  8413 views  |  0 comments
Capco acquires ING reference data technology

Capco acquires ING reference data technology

14 March 2006  |  6857 views  |  0 comments
Capco expands hedge fund offerings with FundClear acquisition

Capco expands hedge fund offerings with FundClear acquisition

15 February 2006  |  8884 views  |  0 comments
Capco looks to expand European presence

Capco looks to expand European presence

19 February 2004  |  4142 views  |  0 comments
Capco completes $15 million funding round

Capco completes $15 million funding round

15 December 2003  |  5168 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit aciworldwide.com

Top topics

Most viewed Most shared
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
7932 views comments | 25 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
7880 views comments | 36 tweets | 30 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7811 views 12 comments | 15 tweets | 27 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
7599 views comments | 35 tweets | 47 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6645 views comments | 20 tweets | 23 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job