- Acquisition Details:
- UK fintech Gresham Technologies is set to be acquired by Alliance Bidco Ltd (Bidco), a company indirectly owned by US-based private equity firm STG Partners, in a deal worth £146.7 million.
- Agreed Deal:
- The acquisition comprises a cash offer and a permitted dividend, totaling 163.75 pence per Gresham share, representing a premium of approximately 26.9% on the closing share price from Monday.
- Expected Closure:
- The acquisition is anticipated to be completed by the third quarter of 2024, subject to approval by Gresham’s shareholders.
- Merger Plans:
- Bidco intends to merge Gresham with its portfolio company Alveo, acquired in January 2023. Alveo is a cloud-based data management and analytics provider for the financial services industry.
- Strategic Rationale:
- The merger aims to create a capital markets data management specialist, offering clients enhanced scale and a broader range of solutions to facilitate their business processes.
- Compelling Opportunity:
- Bidco sees the acquisition as a compelling opportunity to acquire a well-established firm providing post-trade processing solutions to capital markets participants.
- Global Presence:
- Bidco emphasizes that the acquisition positions the combined entity as a data control, reconciliation, and post-trade workflow vendor across the EMEA, North America, and APAC regions.
- Gresham’s Profile:
- Established in 1969, Gresham is a software company supplying automation and data reconciliation solutions for financial services firms, with its flagship offering being the Clareti software platform.
- Chairman’s Perspective:
- Gresham’s chairman, Richard Last, views the acquisition as an opportunity to continue the Clareti journey and provide Gresham shareholders with fair and certain value realization.
