Italian fintech Objectway seeks new investor, sources say
LONDON, Aug 30 (Reuters) -Italy's Objectway, a software provider serving wealth managers, private banks and life insurers, is looking to bring in a new investor and has hired investment bank Houlihan Lokey HLI.N to lead the search, two people close to the matter said.
With earnings before interest, tax, depreciation and amortisation of around 30 million euros ($33 million), it is seeking a valuation of 400 million-500 million euros in the sale of an up to 50% stake, one of the sources said.
Both Objectway and Houlihan Lokey declined to comment.
Objectway was founded in 1990 by its current CEO and owner, nuclear engineer Luigi Marciano. Headquartered in Milan, it supplies a cloud-based IT infrastructure to clients in the financial industry across 16 countries.
It has more than 800 staff and offices in Britain and France as well as Brussels, Zurich, Munich, Luxembourg, Dubai and Toronto.
It also runs a wealth-management platform dubbed 'On Cloud' used by some 100 clients that manage more than 1 trillion euros of assets in aggregate.
This month Five Arrows, the alternative investment arm of Rothschild, also closed the sale of French wealth management software company Harvest to private equity firms TA Associates and Montagu Private Equity.
Australia's Anchorage Capital has also hired Jefferies to sell UK wealth management platform GBST, according to a report by The Australian.
($1 = 0.9029 euros)
Reporting by Amy Jo Crawley in London and Valentina Za in Milan; Editing by Jan Harvey
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