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Advent International acquires majority stake in Sophis

18 July 2007  |  8181 views  |  0 handshake

Private equity outfit Advent International has acquired a a majority stake in Paris-based portfolio and risk management technology vendor Sophis through a leveraged buyout (LBO).

In a statement Sophis says its founder and CEO Hervé Vinciguerra retains a "significant stake" in the company and will hold a non-executive role on the supervisory board.

Commenting on the new investment Vinciguerra says: "The arrival of a financial partner for Sophis at a key moment in its history will allow the company to accelerate its international expansion, especially in North America, where sales and professional services teams will be significantly strengthened."

Vinciguerra will be replaced by new CEO Pascal Xatart who joins the firm from Linedata Services where he served was chief financial officer in Paris and general manager of asset management in Boston.

In his new role Xatart will focus on strengthening the Sophis's position in Europe while accelerating its international expansion - particularly in the US.

The vendor's other main shareholders Arnaud Vinciguerra and Nicolas Rousse, will reinvest as part of this transaction and keep their executive positions.

Sophis's current management team remains unchanged and is being offered the possibility to invest in the business.

Founded in 1985 Sophis provies cross-asset, front-to-back portfolio and risk management technology to capital markets firms. The vendor's Risque platform has been desinged for sell side firms, while its Value product is aimed at the buy side.

Advent has a past history in the sector, including investments in BondDesk Group, the US alternative trading system for the retail fixed-income market and interdealer borker GFI group, which completed its IPO on Nasdaq in January, 2005.

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