Orc offloads Neonet to management and Hay Tor Capital
16 November 2012 | 5420 views | 0
The management of Swedish agency broker and systems supplier Neonet has teamed up with Hay Tor Capital and Kas Bank to buy the business from Nordic Capital.
Neonet was acquired by another Swedish vendor Orc Software, in 2010 for around SKr1,227 million but proved to be a costly miscalculation as the business failed to deliver the promised transaction volumes.
When the combined group was acquired by Nordic Capital earlier this year, the private equity firm made clear its intentions to offload Neonet as well as CameronTec, another firm previously taken over by Orc.
Now, Neonet's management has partnered with Hay Tor Capital to buy a majority stake in the business for an undisclosed fee. Specialised Dutch securities services provider Kas Bank has taken a minority interest of 20%.
Peter Melbi, chairman, Neonet, says: "The combination of Hay Tor Capital, a specialist financial services investor; Kas Bank, specialized in wholesale securities services; and Nordic Capital will contribute greatly to Neonet's development, international growth and promote further development of Neonet's high-quality technology offering and execution services."