Fundtech Ltd., a provider of transaction banking solutions, has completed its merger with F.T. Israeli Mergerco Ltd., a subsidiary of US FT Partner Inc., which itself is owned by private equity firm GTCR.
The purchase by GTCR amounted to approximately $390 million in cash.
Reuven Ben-Menachem will continue to serve as CEO of the Company, which will no longer trade on the NASDAQ Global Market or the Tel Aviv Stock Exchange following the completion of the transaction.
The consolidated organization, which combines Fundtech with GTCR-affiliated BankServ, will have expanded product lines in wholesale banking and will add significantly to Fundtechs line of small-to-medium business products, the companies say. The merger streamlines the two companies, whereby Fundtech supplies advanced software technology to large financial institutions and BankServ is a provider of software as a service (SaaS) to community and regional banks.
Dave Kvederis, CEO of BankServ, will become a member of Fundtechs board of directors.
The combined company has estimated 2011 revenues of $200 million with 1,300 employees around the world.
(CG)