IT2’s primary market areas are the Nordics, the UK and USA, in which it has more than 200 customers in all. IT2’s treasury management systems support the treasury operations of enterprises and financial institutions particularly in the areas of deal management, cash management, risk management and accounting. IT2 launched its first treasury management product in 1983.
Prior to the transaction IT2 was a wholly owned subsidiary of the Danish public company SimCorp A/S. The company has over 40 employees in Denmark, the UK, USA and Hong Kong.
”IT2 has clearly outperformed the market growth in the last few years. We expect that IT2’s target market will continue to grow as changes in legislation, regulations and accounting standards further grow the need for more efficient risk management and real-time transparent reporting as well as advanced automation of treasury operations,” says CapMan Partner Tommy Valther Hansen. ”We will develop IT2 as an independent company and we believe that the company has a strong platform to continue its growth and to create an even stronger strategic market position.”
”After exploring different alternatives, we believe that this transaction is in the best interest of the IT2’s customers and employees. As the deal allows us to focus on our SimCorp Dimension business we are convinced that the deal also is in the best interest of SimCorp’s shareholders," says Executive Vice President Peter Theill of SimCorp A/S.
IT2 is the second portfolio company of the CapMan Technology 2007 fund that was established in February 2007. CapMan Plc is a substantial investor in the fund. CapMan funds will together with the management own 100 per cent of the shares in IT2 after the transaction. The management of the new company has been offered shares in the company. The transaction is expected to be finalised by beginning of July.
CapMan Technology invests in Nordic expansion and later stage technology companies. CapMan’s Technology team, having a long track record in accordance with this investment focus, is one of the most experienced in the Nordic countries. The portfolio companies of CapMan Technology typically deliver industrial or business-to-business infrastructure, applications or services.
For further information, please contact:
Tommy Valther Hansen, Partner, CapMan Technology, tel. +45 35 25 99 32 or +45 29 41 14 80
Peter Theill, EVP of SimCorp A/S, tel. + 45 35 44 88 10 or +45 40 76 18 42