Asseco PST acquires majority stake in Finantech
Asseco PST has just acquired a majority stake in the equity of Finantech, a company headquartered in Porto specialized in software solutions for capital markets.
The deal involved the purchase of 76% of the equity of Finantech - Sistemas de Informação, SA, from the company's three founding shareholders (João Marta da Cruz, António Jesus Ferreira and António Silva) who will remain as managers of the company. Finantech will continue to operate in the market with its own brand and its consolidated network of partners, which include companies such as Oracle, Microsoft, Six Group, Reuters, Morningstar and Euronext, among others.
With more than 20 years of experience in creating solutions for different areas in capital markets, Finantech's history dates back to September 1994, when the company was first founded as a startup dedicated to the development of software for trading on the Stock Exchange.
For Daniel Araújo, CEO of Asseco PST, this operation is part of the strategic objectives of growth and diversification that the company has sought to implement in the last two years in the various geographies where it operates. “This is the culmination of a negotiation process that allows us to assume a controlling position in a company that is a market leader in its area of activity”.
At the base of this acquisition, explains Daniel Araújo, is the potential for cross synergies between Asseco PST and Finantech, given the great complementarity in the offer of the two companies. "A reality that we will deepen and capitalize on from now on".
Finantech currently has more than 90 employees and around two dozen customers in Portugal, including the five largest banking groups operating in our market. It is also present in Angola and Cape Verde, where it has 10 customers in the set of these two geographies. In 2020, it recorded a turnover of around 5 million euros.
According to João Marta da Cruz, Chairman of the Board of Directors of Finantech, this transfer of the majority of the equity is also an opportunity for growth for the company: “We are now better prepared to reinforce our customer offer, solidify our leadership in this segment and greatly benefit from the know-how and experience, national and international, of a large organization such as Asseco PST”.
Asseco PST is a reference in information systems for the banking sector, with more than 60 banks in its client portfolio. In addition to its presence in the universe of Portuguese-speaking markets, including Portugal (where it is based), Angola, Mozambique, Cape Verde, São Tomé and Príncipe and Timor-Leste, it is also present in Namibia and Malta. In 2020, the company closed the year with a turnover of 37.4 million euros, employing around 420 employees.