22 July 2017
download the report now

Orc offloads Neonet to management and Hay Tor Capital

16 November 2012  |  5580 views  |  0 Buy Road sign

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."

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

Orc Group to break-up business; search for new CEO

Orc Group to break-up business; search for new CEO

22 March 2012  |  5798 views  |  0 comments
Orc shuts Neonet New York desk

Orc shuts Neonet New York desk

13 September 2011  |  4995 views  |  0 comments
Orc and Neonet plan merger

Orc and Neonet plan merger

25 January 2010  |  5724 views  |  0 comments
Neonet abandons takeover talks

Neonet abandons takeover talks

16 January 2009  |  5164 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.niceactimize.com

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
13343 views comments | 19 tweets | 15 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
9490 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
8555 views comments | 16 tweets | 12 linkedin
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
8175 views 0 | 8 tweets | 16 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
7050 views comments | 25 tweets | 15 linkedin

Featured job


Brussels or Frankfurt

Find your next job