Exchange operator Euronext has offloaded its Nordics asset management services platform Centevo to Profile Software as its looks to divest from non-core businesses.
Euronext inherited Centevo in 2019 when it acquired the Oslo Bors.
The Sweden-based platform currently serves more than 65 assets managers and banks in the Nordics and sales exceeded €5.5 million in 2020. Centevo describes the service as a cloud-based open banking platform for fund managers and their distributors.
London-based Profile Software will acquire 100% of Centevo including not just the technology but the API connections to existing financial clients, thereby giving the tech firm a route into the Nordics market.
“The financial services market in the Nordics has always been a strategic priority of ours due to its long tradition in the areas of asset and fund management,” said Profile CEO Evangelos Angelides.
Financial terms of the transaction were not disclosed.
The sale comes just weeks after Euronext was given the go-ahead by the European Commission to proceed with its purchase of Borsa Italiana in a €4.3 billion deal agreed with its current owner London Stock Exchange.
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