Advent and S1 drag fintech index down

Advent and S1 drag fintech index down

The Finextra50 Financial Technology Index slipped 3.9% last week amidst falling markets worldwide to close at 80.49. Advent Software and S1 led the fallers while Oberthur Technologies and Fidessa were among the few positive performers.

Fallers

Advent Software was the week's biggest faller, down 9.08% to $42.05. On Friday the investment management systems vendor said it had signed a definitive agreement to acquire Tamale Software, a privately-held provider of research management technology, in a cash and stock deal worth around $70 million.

Advent says it will pay $28 million in cash for Tamale, with the remainder of the purchase price comprising 900,000 shares at $46.44 apiece.

In a week that saw markets around the world take a hit, US firm S1 - which has been one of the better performing stocks on the Finextra50 since the index was launched - was the next biggest loser, down 8.78% to $6.96.

Other companies to see significant falls last week include:

Gainers

Fair Isaac, the Minneapolis-based provider of credit scoring technology, was one of the few firms in the index to see a rise, and closed the week up 4.50% to $24.14. Last week the vendor inked a deal with Versailles-based Eurodecision that will see its technology offered to customers in France.

Just two other companies in the index saw rises of over four per cent - French smartcard vendor Oberthur Technologies was up 4.95% to EUR5.09 and London-based trading technology vendor Fidessa gained 4.59% to finish the week at 980 pence.

Index comparison



 

Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.

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