Finastra has agreed to sell its treasury and capital markets unit to an affiliate of private equity firm Apax Partners.
The U.K. company did not disclose the price to be paid by Apax. The deal is expected to close in the first half of next year, when the business will be rebranded and operate as a standalone entity.
The deal will allow Finastra to focus more on its core banking software.
“This sale marks an important milestone for Finastra that will help further launch our next phase of growth with a focused suite of mission-critical financial services software,” Finastra CEO Chris Walters said in a press release. “It will provide capital to accelerate our strategy and reinvest in our core business, while providing our award-winning TCM platform with the backing of an experienced, long-term technology investor to support its continued success moving forward.”