Futurimpresa SGR, an institutional private equity fund partecipated by the Chambers of Commerce of Milano, Bergamo, Brescia and Como - with Francesco Micheli as President/Chairman and headed by Luigi Glarey as CEO - enters in the equity of Objectway Financial Software SpA, a private group lead by Luigi Marciano (founder and major shareholder) operating in Italy and in Europe in the development and implementation of proprietary software solutions and IT services for financial institutions.
Futurimpresa enters in the equity of Objectway through its Finanza e Sviluppo Impresa investment fund with a total investiment up to € 10 million, to be realized via a staged program of new capital share issues that will allow the investment fund to reach up to 30% of the Company equity. New funds will be used to support the implementation of Objectway Group Industrial Plan, focusing on an aggressive expansion plan in continental Europe and in the UK, in addition to further strengthening the Italian market leading position.
The investment fund has underwritten the first dedicated capital increase that will be used by Objectway Financial Software to finance the acquisition of the majority of the equity capital of AMS Group. AMS Group has a turnover of approximately 15 million euro and is specialized in providing outsourcing services to Asset Management Companies and Financial Intermediaries.
Ashurst has acted as the legal advisor and Klecha & Co. as the financial advisor.
"Futurimpresa entry in the share capital of Objectway is the fund fifth investment and has the objective to work side-by-side with the entrepreneur, who has founded and developed the business, as his financial partner and by bringing a strong growth-oriented culture", said Luigi Glarey, CEO of Futurimpresa SGR. "Furthermore the deal with Objectway is a very good example of the investment approach/strategy of Futurimpresa. Objectway is a company that produces technological innovation, developing software application platforms and integrated services. They significantly enhance the competitive position of financial institutions and enterprises in general, with an ambitious development plan focused on vertical integration and international expansion - namely in the UK and in continental Europe - also through targeted/bolt-on acquisitions."
"Our partnership with Futurimpresa SGR is a great value enhancer for Objectway, not only by strengthening our balance sheet and providing financial resources bues but also by enhancing our institutional visibility and providing strong support to our growth strategy", comments Luigi Marciano. "Thanks to Futurimpresa contribution and support, we will strongly accelerate the implementation of the development and internationalization plan of our group, started in 2008, and we will broaden our perimeter of activity both in Italy and in our strategic target European countries through acquisitions and by opening local entities/offices", concludes Marciano.
Since the beginning of the '90s, Objectway has undertaken a remarkable growth pattern, combining organic growth and acquisitions, to become a reference player in the Italian and European markets of vertical application software for Wealth Management, Asset Management and Mobile Banking. The software is used by Private & Retail Banks, Asset Managers and Financial Advisors. Additionally, the group is specialized in designing and implementing multichannel software platforms and innovative technology-based services for financial institutions and other industries.
Including the AMS acquisition, Objectway Group has revenues of more then 40 million per year; it employs 450 people and its client portfolio has reached more than 100 Italian and international companies (banks and financial institutions, large and medium sized enterprises and service providers). The Group has ambitious development plans in Italy and in Europe and it already operates in France, Spain, Portugal and Ireland.