Banking software vendor Temenos Group has announced that it is in advanced discussions regarding an all-cash takeover bid of £1.4 billion for trading systems technology firm Fidessa.
Fidessa is a British-headquartered firm that provides software and services, such as trading and investment management systems, analytics and market data.
Under the proposed terms of the deal, Fidessa shareholders would receive £35.67 in cash for each share, together with the right to receive the final and special dividends announced yesterday with Fidessa’s full-year results in respect of the year ended 31 December 2017, which are worth £0.797 per share.
Both companies recently published strong financial results, with Swiss group Temenos reporting double-digit growth in licencing deals and Fidessa reporting a seven per cent year-on-year increase in revenues to £353.9 million.
According to Temenos, the board of Fidessa intends to recommend the acceptance of the takeover bid to its shareholders – which would value the company at more than a fifth above Fidessa’s current valuation of £1.13 billion.
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