“As an entrepreneur and founder, I chose Summit for their deep experience in financial technology and their understanding of growth stage companies. Their resources, knowledge and international presence proved to be invaluable as we worked together to scale and professionalize Multifonds.”
Acquired by Temenos Group 2015
Fund accounting and transfer agency software
Multifonds is an award-winning provider of fund accounting and transfer agency software
Grew to manage more than $5 trillion in assets for a base of blue chip clients operating in 30 global jurisdictions
Increased employee base from 142 to more than 470 employees
Acquired by Temenos Group AG for €235 million in 2015
Founded in 1995 as IGEFI Group, Multifonds had grown to become the European market leader for fund accounting software, serving several of the world’s largest asset managers and service platforms. Profitable since inception and experiencing strong growth with blue-chip clients, the company’s founders recognized an opportunity to expand beyond Europe and broaden their product and technology offering. In 2006, the company chose Summit Partners to help professionalize the business, strengthen senior management and position the company for continued expansion, particularly into the United States and Asia.
How Summit Helped:
- Led a minority investment in 2006 and provided follow-on financing in 2010
- Assisted in recruiting a new management team to the business, including CEO Oded Weiss in addition to a CFO, EVP Sales, and CTO
- Helped expand the company’s geographic footprint from six offices to 14 around the world, including establishing new offices in the United States (in New York City) and Asia (in Bangalore, Hong Kong, and Singapore)
- Strengthened the board of directors by helping to recruit senior industry operators including the former CEO and President of State Street Global Advisors
In 2015, Multifonds was acquired by Temenos Group AG (SIX: TEMN), the market-leading provider of mission-critical software to financial institutions. The acquisition provides Temenos with additional scale, access to highly complementary products, client relationships with more than 30 of the world’s largest financial institutions, and exposure to the fast-growing fund administration market. Today, CEO Oded Weiss continues to lead Multifonds as a subsidiary of Temenos Group.