Davis Polk is advising Temenos Group AG in connection with its acquisition of IGEFI Group s.à.r.l. (trading as Multifonds), a Summit Partners portfolio company. The consideration for the acquisition, which is due to close on March 5, 2015, is €235 million to be funded through cash and debt. The acquisition will give Temenos 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. Following the acquisition, Temenos provides mission-critical software to 38 of the top 50 banking institutions in the world.

Founded in 1993 and listed on the Swiss Stock Exchange, Temenos Group AG is the market-leading provider of mission-critical software to financial institutions. Headquartered in Geneva with 57 offices worldwide, Temenos software is proven in over 1,600 installations in more than 150 countries across the world. Founded in 1995 and headquartered in Luxembourg, Multifonds provides software to financial services institutions globally, predominantly in the third-party fund administration market. Multifonds’ software allows fund administrators to perform key accounting functions such as intra-day valuations and end-of-day NAV calculations as well as to support fund administrators in key investor servicing and transfer agency functions such as investor dealing and shareholder record keeping. Multifonds has over 470 employees in 14 offices globally.

The Davis Polk corporate team includes partner Will Pearce and associates Greg Spencer and Dan Hirschovits. Partner Nick Benham and associate Anne Catherine Ingerslev are advising on the debt financing of the acquisition. Partner Jonathan Cooklin and associate Dominic Foulkes are providing tax advice. Partner Frank J. Azzopardi is providing intellectual property advice. Counsel Stephen M. Pepper is providing antitrust and competition advice. Members of the Davis Polk team are based in the London and New York offices.

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