Subscribe to AfterDawn's weekly newsletter.
Objectway Financial Software to Acquire Eximius from Thomson Reuters
MILAN, Italy and MECHELEN, Belgium, December 21, 2012
MILAN, Italy and MECHELEN, Belgium, December 21, 2012 /PRNewswire/ --
Acquisition strengthens Objectway's wealth management solutions and further drives its expansion within EMEA
Objectway Financial Software S.p.A.(http://www.objectway.com), a leading Italian software provider for financial institutions which is currently expanding in Europe, today announced that it has signed a definitive agreement to acquire the eXimius business of Thomson Reuters. eXimius provides a private client wealth management platform. The acquisition is expected to close later this month. Terms of the transaction were not disclosed.
Objectway Financial Software is acquiring eXimius for its distinctive product offering, talented employees, presence in Europe and its ability to deliver specialized client solutions. Combining these assets with the extensive expertise and vision of Objectway Financial Software will spearhead the development of a strong pan-European business.
Futurimpresa Sgr S.p.A., the Italian institutional private equity fund which has recently invested in Objectway, becoming a minority-stake shareholder, has financially supported the acquisition of eXimius by providing Objectway with the required capital.
eXimius is a robust relationship-centric portfolio management, modeling and reporting platform. eXimius is designed for sophisticated wealth managers who want a single platform to grow and manage their clients' wealth management needs. eXimius will be integrated into Objectway Financial Software's broader suite, which is designed to enable wealth and asset management institutions of all sizes to provide best-in-class services to all customer segments.
"This acquisition strongly reinforces our positioning and accelerates our commitment to expand within EMEA," said Luigi Marciano, founder and Chairman of Objectway Financial Software.Â "With the addition of eXimius' client wealth management platform, we'll be able to add another advanced and complimentary solution to Objectway Financial Software's product portfolio, which is focused on meeting the rapidly evolving needs of financial advisors."
Luigi Glarey, CEO of Futurimpresa Sgr, commented, "We are extremely pleased about Objectway's agreement to acquire eXimius. It represents a significant step in the Objectway development plan focused on vertical integration and international expansion."
"Thomson Reuters is delighted to have found a strong leader in Objectway who will continue to grow and serve eXimius' customer base," said John Fennelly, managing director and head of wealth management at Thomson Reuters. "Objectway shares our vision of the growth opportunities that exist in the wealth management space."
Ashurst has acted as the legal advisor and Klecha & Co. as the financial advisor to Objectway.