Financial software maker Enfusion explores options including sale, sources say
Adds share move in paragraph 4
By Milana Vinn
NEW YORK, Sept 20 (Reuters) -Enfusion ENFN.N, a U.S. software provider for asset managers, is in talks with investment bankers to evaluate options that could include a potential sale, according to people familiar with the matter.
The Chicago-based company, which has a market value of $1.1 billion, decided to interview investment banks in recent weeks after receiving takeover interest from potential suitors including private equity firms, one of the sources said, requesting anonymity as the matter is confidential.
Enfusion has not launched a sale process yet and it is possible that the company opts to stay independent, the sources added. Enfusion did not immediately respond to requests for comment.
Shares of the company jumped as much as 19% on the news before trading was briefly halted on Friday.
This is not the first time Enfusion has held talks to explore a deal. Reuters reported last year that Enfusion fielded acquisition interest from several potential acquirers, including Francisco Partners, Vista Equity Partners and Irenic Capital Management.
Enfusion, whose customer base comprises mostly hedge funds, provides cloud-based portfolio management and risk systems to investment funds. The company has been attempting to win more business from larger funds and corporations with complex operations, as it has struggled to get a bigger share of revenues from existing customers.
Enfusion's shares, which have been trading in New York since their initial public offering in 2021 and have lost more than 50% of their value since then, were downabout 12% from the start of the year until yesterday's close, underperforming the S&P 500 Application Software index that has remained roughly flat, on concerns about its customers cutting spending.
The company reported year-on-year revenue growth of 16% to $49.5 million in its latest quarter, falling short of market expectations.
Investment firms FTV Management Company and ICONIQ Capital collectively own a roughly 50% stake in Enfusion.
Earlier this year, Spruce Point Management took a short position in Enfusion, as the investment firm did not believe the company was a high-quality software provider and said its revenue was at "high risk of misstatement."
Reporting by Milana Vinn in New York; Additional reporting by David French; Editing by Daniel Wallis and Nick Zieminski
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
