Nordic Capital has signed an agreement to acquire a majority share in Zafin, a provider of SaaS core modernization and transformation solutions for financial institutions around the world.
Zafin’s founders and management are said to be reinvesting in the company alongside Nordic Capital.
Zafin is a “bank core modernization” provider.
Zafin’s SaaS platform aims to enable users to work collaboratively to design and manage relationship pricing, products, and packages.
Zafin reports that it is already serving a diverse base of customers, including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.
Al Karim Somji, CEO of Zafin, said:
“This partnership is an absolute game-changer for the Zafin team and our customers. We have been powering the modernization and transformation of banks and future-proofing their banking technology investments for years. With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.”
Mohit Agnihotri, Partner Nordic Capital Advisors, said they believe that Zafin will emerge as a gold standard in bank IT modernization efforts.
Nordic Capital has over 30 years of experience accelerating “the growth of innovative technology companies. As a leading specialized technology investor globally, Nordic Capital has to date made 29 technology investments with an aggregate enterprise value of close to EUR 24 bn.”
The terms of the transaction were not disclosed. Completion of the transaction is “expected during Q1 2024 and is subject to customary closing conditions.”
Goldman Sachs & Co. LLC served as exclusive financial advisor to Zafin and Fasken Martineau DuMoulin LLP served as legal counsel to Zafin.
