Bryan, Garnier & Co advised Keensight and Paris Orléans on the sale of FircoSoft to Reed Elsevier
Paris, October 15th, 2014 – Bryan, Garnier & Co advised FircoSoft’s management and its financial shareholders Keensight Capital and Paris Orléans on the disposal of FircoSoft (one of the leading provider of transaction filtering solutions for international financial institutions) to Reed Elsevier.
For more than 15 years, FircoSoft has offered transactions and payment filtering solutions software to international financial institutions. Transaction & payment filtering has become a central issue for financial institutions as compliance directives and KYC procedures have been much more demanding (especially with US and UK regulations) from financial institutions that are more and more eager to benefit from a trustworthy transaction filtering solution avoiding important fines and filtering an ever increasing volume of transactions (with for instance the implementation of SEPA in Europe and the increase OF domestic filtering).
Keensight Capital invested in Fircosoft in May 2011 alongside the management and Paris Orléans through a MBO process led by Bryan Garnier. In three years, FircoSoft has opened seven new offices throughout the world and it conducted two acquisitions. During these years, the company has doubled both its turnover and the total number of its employees, now over 150 people. Jérôme Pujol, Managing Partner at Keensight Capital, declared: “Over our three years as financial partner, we have helped FircoSoft to successfully undertake a critical phase of its growth strategy. As a vertical software provider positioned on a niche market segment, which remains very dynamic independently of macroeconomic conditions, FircoSoft fits exactly with our investment strategy and with our specific expertise in the IT sector. Due to its market positioning as a world leader, the company continues to enjoy sustained growth and is today in a perfect position to continue its development”.
Through this sale, Keensight Capital has achieved a return of nearly seven times the amount it initially invested. “Since the first time we identified FircoSoft, we were convinced that the Company’s pioneer positioning would represent the perfect fit for growth funds able to support management’s ambitions. As we experience it on other niche markets, FircoSoft’s impressive track record coupled with the growing weight of transaction filtering among financial institutions have then naturally put the Company in the limelight of industry leaders eager to meet their customers ever-demanding requirements through an active external growth strategy,” emphasized Thibaut de Smedt, Partner within Bryan, Garnier & Co. FircoSoft, which counts eight of the world’s 10 biggest banks by assets as its clients, represents Reed Elsevier biggest acquisitions in three years. FircoSoft will be combined with Accuity, a provider of global payment routing data and anti-money laundering solutions to banks and businesses worldwide
“It is part of Bryan Garnier’s DNA to identify and support tech pioneer through each stage of their development phase. In 2011, our mandate was to conduct the spin-off of FircoSoft from Sword and to give the management the opportunity to conduct their growth strategy along the best suited financial partners. 3 years later, we are proud to be part of this landmark transaction on the fintech market”, added Olivier Garnier, Managing Partner within Bryan, Garnier & Co.
About Keensight Capital (www.keensightcapital.com)
Keensight Capital is a leading European Growth Private Equity firm managing funds backed by European institutional investors. Keensight Capital targets first-class international projects to finance organic growth or build-up strategies, or to cash out existing shareholders.
Specific sectors of interest include Information Technology, Healthcare, and Energy. In each of these sectors, our team provides insights and expertise through its entrepreneurial and operational background and its access to a worldwide network built over the past 15 years.
Àbout Bryan, Garnier & Co (www.bryangarnier.com)
Bryan, Garnier & Co is an independent investment bank specialising in European Healthcare, TMT and Renewable Energies growth companies. The firm is focused on three major activities: Equity Research & Brokerage, Asset Management and Corporate Finance. With more than 100 professionals, Bryan, Garnier & Co has for over ten years offered the range of services and expertise of top-tier investment banks, yet has the level of attention to clients of a boutique. Bryan, Garnier & Co is authorised and regulated by the Financial Services Authority (FSA) in the United Kingdom, and is member of London Stock Exchange and Euronext, Alternext Listing Sponsor, and is active on all European Capital Markets.
About Reed Elsevier (www.reedelsevier.com)
Reed Elsevier Group plc is a world leading provider of professional information solutions. The group employs approximately 28,000 people of whom half are in North America.
Reed Elsevier Group PLC is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV; the combined market capitalisation of the two parent companies is approximately £20bn/€25bn. Its shares are traded on the London, Amsterdam and New York Stock Exchanges.