Swiss banking software firm Temenos is to sell its fund administration software business, Multifonds, to Montagu Private Equity for an enterprise value of approximately $400 million, including an earnout.
The deal is expected to close in the second quarter of 2025, subject to customary approvals.
Multifonds, a global provider of fund administration software, supports asset managers, pension funds, insurers, and fund administrators across multiple jurisdictions. The company’s executive management team will invest alongside Montagu, which has a track record in fund administration technology investments.
Geneva-based Temenos said the sale aligns with its broader strategy to streamline its product portfolio and focus on three key growth areas: strengthening its “best of suite” offering, enhancing modular core banking solutions, and expanding adjacent point solutions. The divestment follows the company’s updated strategic plan, outlined at its Capital Markets Day in November 2024, aimed at driving above-market growth.
Multifonds was highly commended at the Funds Europe Awards in November 2024, recognising its excellence in fund administration technology.
The Swiss banking software firm will provide further details on the financial impact of the transaction when it announces its Q4 and full-year 2024 results on February 18. The sale marks a significant shift for Temenos as it refocuses on its core banking software business while Multifonds enters a new growth phase under private equity ownership.
Temenos yesterday lowered its full year 2028 targets to reflect the sale of Multifonds.
It now expects annual recurring revenue to reach at least $1.2 billion in its 2028 financial year.
