Euronext, the leading pan-European market infrastructure, today announces that it has acquired substantially all the business of Acupay Group[1], global leader in financial reporting, corporate actions, cross-border tax relief, and securities processing.
Founded in 2005, Acupay offers a suite of technology services which provide relief from double taxation to cross-border investors. Its unique proprietary solution, which links brokers and banks to securities issuers, enables custodian banks to electronically prepare tax certificates and allows investors to effectively manage the impact of cross-border withholding tax. Acupay and BondCom’s ability to identify bondholders allows them to assist issuers with liability management exercises.
The acquisition of Acupay further expands Euronext Securities[2]’ services offering to investors and issuers, leveraging Acupay’s strong presence in Italy and opportunities to scale Acupay’s services through Euronext Securities’ network across Europe. The acquisition will also strengthen Euronext’s non-volume related revenue streams.
The transaction will be fully financed with existing cash and will not impact Euronext’s deleveraging path.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“The acquisition of Acupay is a step further in broadening Euronext Securities’ services offering. Euronext Securities is today the third largest central securities depository operator in Europe and this acquisition will enable us to offer new value-added services to our clients. We are glad to welcome the Acupay team, whose expertise in financial reporting, cross-border tax relief and securities processing will contribute to further reinforcing Euronext Securities’ ability to serve issuers, custodians, brokers and investors across borders.”
Stef Lambersy, President of Acupay, said:
“The acquisition by Euronext of Acupay demonstrates the high relevance and quality of our services towards customers and validates our ambitions as a service provider for the future, backed by the pan-European market infrastructure. The team behind Acupay is very excited to join Euronext and develop an enhanced value proposition together for Euronext clients.”
Robert Apfel, Founder of Acupay, said:
“I’m very excited to see this new important milestone in the history of Acupay. This underlines once again the success of the solutions developed by the Acupay team that already fuelled its continued expansion. I’m glad to see Acupay joining Euronext as I’m convinced that the collaboration with Euronext Securities will unlock new expansion opportunities.”
[1] Including the business of Acupay System LLC (‘Acupay’) and Bondholder Communications Group LLC (‘BondCom”)
[2] Euronext Securities is the Central Securities Depository (CSD) network connecting European economies to global capital markets. With CSDs in Copenhagen, Milan, Oslo and Porto, and assets under custody totaling €7 trillion as of 30 June 2024, Euronext Securities is one of the largest CSD operators in Europe.