London, United Kingdom
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management (TLM(R)) solutions, today announced that TA Associates has completed its buyout of the firm from SmartStream's previous majority shareholder 3i. TA Associates is one of the world's leading buyout and private equity firms.
SmartStream's fully integrated, multi-product solutions enable enterprise-wide Transaction Lifecycle Management from trade inception to settlement in a single scalable platform. The product portfolio includes solutions for Reconciliations, Business Process Automation, Corporate Actions, Enterprise Exception Management, Cash Management, Financial Messaging, Trade Process Management and Compliance Solutions. SmartStream has a 38% market share and over 1,000 clients globally, including more than 70 of the world's top 100 banks. The company is headquartered in the UK, with direct operations in London, Bristol, Paris, Vienna, Zurich, Frankfurt, Luxembourg, Madrid, Milan, New York, Singapore, Beijing, Sydney and Mumbai.
The transaction has been made following SmartStream's recent record results. SmartStream's dramatic growth and expanding market leadership has positioned the company to move to the next stage of its corporate development with a new partner. TA Associates' investment provides the support and market skills to ensure the success of this strategic plan, including a potential floatation.
"We are delighted to be partnering with TA Associates. This is a critical step in executing our growth acceleration strategy and moving to the next stage of the firm's development," said Ron Mackintosh, Chairman, SmartStream. "The record results for financial year ending June 2006 are testament to SmartStream's success and continued ability to out compete the market with our highly attractive suite of TLM products and solutions. With TA Associates' substantial experience in growth software companies, we are perfectly positioned to achieve our strategic plan."
Commenting on the investment led from TA's London office, Ajit Nedungadi, a Principal at TA Associates and Director of TA Associates Ltd., said, "SmartStream is a highly successful, profitable and growing business making it an ideal fit for TA's growth private equity model. We believe this is a great opportunity to invest in a global brand leader in a dynamic market with a talented group of employees to secure the next stage of its development."
"We are confident that this partnership will prove very beneficial to SmartStream's clients and employees; ensuring a successful, innovative software company remains a self sufficient force in the industry," said Jonathan Meeks, a Principal at TA Associates. "In an environment facing increasing regulatory pressure and growing volumes of electronic trading, SmartStream offers financial institutions compelling solutions to control their risk, cost and compliance issues."
Founded in 1968, TA Associates is one of the world's leading private equity firms and has invested over $1 billion in financial technology companies. Some of TA's prior investments in the financial technology and financial services sectors include Affiliated Managers Group, AIM Management Group (AMVESCAP), Datek Online Holdings (Ameritrade Holding Corporation), eSecLending, GlobeOp Financial Services, The IntercontinentalExchange, ION Trading Group, The Island ECN (Instinet Group Incorporated), Lava Trading, Numeric Investors, OpenLink Financial and Thomson Advisory Group (PIMCO).
With TA Associates' ownership, there will be a change in Board members; TA Associates' Ajit Nedungadi and Jonathan Meeks will join the Board and Lord Blackwell, Mark Austen and Martin Brown will be stepping down. Martin Brown will be transitioning out of his current role as CEO of SmartStream Technologies to pursue other business interests. In the interim, he will remain as CEO with the full support of the Board and assist in selecting a successor.
The Royal Bank of Scotland's Corporate & Structured Finance team provided senior debt for the investment. Goodwin Procter LLP and Travers Smith served as legal counsel for TA Associates. Macfarlanes provided legal counsel to SmartStream Technologies and Deutsche Bank acted as sole financial adviser to 3i in this transaction.
About SmartStream Technologies
SmartStream Technologies is the undisputed market leading provider of Transaction Lifecycle Management solutions. The company has a 38% market share and over 1,000 clients globally, including more than 70 of the world's top 100 banks.
By delivering state of the art software, implementation and global 24x7 support services, SmartStream is uniquely positioned to respond to the demands of its clients for increased efficiency and reduced operational risk.
SmartStream Technologies delivers integrated, multi-product solutions that enable enterprise wide Transaction Lifecycle Management, from trade inception to settlement in a single scalable platform, all within the framework of its STP Control Architecture. SmartStream's product portfolio includes solutions for:
SmartStream's Reconciliations and Trade Finance solutions are SWIFTReady Gold accredited and universally regarded as Best of Breed. Their flexible design enables deployment across the full range of financial institutions.
-- Reconciliations
-- Business Process Automation
-- BPM
-- BAM
-- Corporate Actions
-- Enterprise Exception Management
-- Cash Management
-- Financial Messaging
-- Trade Process Management
-- Compliance Solutions
The company is headquartered in the UK with direct operations in London, Bristol, Paris, Vienna, Zurich, Frankfurt, Luxembourg, Madrid, Milan, New York, Singapore, Beijing, Sydney and Mumbai.
About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced private equity firms. With offices in Boston, Menlo Park and London, the firm manages $10 billion in capital and has invested in more than 360 companies. TA Associates provides growth equity capital, leveraged recapitalization and management buyout financing primarily for technology, financial services, business services, consumer and healthcare businesses. More information about TA Associates can be found at www.ta.com.
Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements made in connection with this release which are not historical fact, such as forward-looking statements concerning future financial performance and growth, involve risk and uncertainties. Such statements are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Any forward-looking statements represent the best judgment of TA Associates as of the date of this release. TA Associates disclaims any intent or obligation to update any forward-looking statements. This document is approved for issue in the UK by TA Associates Ltd., which is regulated by the FSA.
CONTACT: SmartStream Technologies contacts: SmartStream Technologies Ltd Alastair McGill +44 (0)20 7847 8021 Marketing Director alastair.mcgill@smartstream-stp.com or Citigate Dewe Rogerson Alexandra Bell +44 (0)20 7282 2829 alexandra.bell@citigatedr.co.uk or TA Associates contacts: TA Associates Marcia O'Carroll 617-574-6796 mocarroll@ta.com or Arnold Corporate Communications Philip Nunes 617-587-8906 pnunes@arn.com
CONTACT: SmartStream Technologies contacts: SmartStream Technologies Ltd Alastair McGill +44 (0)20 7847 8021 Marketing Director alastair.mcgill@smartstream-stp.com or Citigate Dewe Rogerson Alexandra Bell +44 (0)20 7282 2829 alexandra.bell@citigatedr.co.uk or TA Associates contacts: TA Associates Marcia O'Carroll 617-574-6796 mocarroll@ta.com or Arnold Corporate Communications Philip Nunes 617-587-8906 pnunes@arn.com , ,
Source: Business Wire (Business Wire India)