Profile Software buys Euronext’s Centevo solution
European exchange network Euronext has sold its asset and fund management platform Centevo to Profile Software.
Euronext originally acquired Centevo in 2019 as part of a deal for the Oslo Stock Exchange. It says the service has around 65 clients and brought in €5.5 million in revenue for 2020.
It says the sale is part of a strategic review initiated after the Oslo acquisition, which concluded non-core business units should be divested.
“The financial services market in the Nordics has always been a strategic priority of ours due to its long tradition in the areas of asset and fund management,” says Profile Software CEO Evangelos Angelides.
“We are integrating with a leading company in the Nordics that has a loyal client base. We are very happy to be working with Centevo’s team on exchanging technology know-how and enriching and developing our solutions range.”
Neither firm has disclosed financial terms of the deal. Euronext says the sale could create a 0.4% increase on the €520 million earnings before tax it reported in 2020.
“We are confident that Profile Software will be a strong and active owner of Centevo to deliver the best to our customers,” says Leif Arnold Thomas, Centevo CEO.
“Out of this deal, we see a lot of complementarities and synergies for the benefit of our clients.”
Euronext says it will “continue to work in close collaboration” with Centevo to deliver services to their common clients.