GTCR acquiring banking s/w firm

CHICAGO: GTCR, a private equity firm, announced that, following completion of its due diligence and negotiations with Fundtech Ltd.,  it has submitted a proposal to acquire Fundtech, a provider of transaction banking software and services to financial institutions, for $23.33 in cash for each Fundtech ordinary share.

GTCR intends to combine Fundtech and BankServ, a GTCR portfolio company, creating a global leader in the growing market for payments and banking technology delivered to financial institutions and corporations.

Fundtech is a provider of software solutions and services that facilitate payments processing, financial messaging and cash management for more than 1,000 financial institutions in more than 70 countries. BankServ is a U.S. SaaS (software-as-a-service) provider of financial services and banking technology that offers wire transfer, SWIFT messaging, remote deposit capture, mobile and online payment processing technology to over 500 financial institutions and corporations. The combined company would be a global industry leader in payments and banking technology with a comprehensive suite of solutions serving the needs of financial institutions and corporations around the world.

“Fundtech is a premier financial technology franchise, and combining these two complementary companies would create an industry leader in the growing market for innovative banking technologies and electronic corporate payments,” said Collin Roche, GTCR principal. “Together, these businesses would participate in all segments of the global market with best-of-breed technologies and a broad product offering. Existing customers can expect the continuation of excellent technology and service quality that is a benchmark of each of these companies.”