Temenos Expands into Fund Admin with Multifonds Acquisition

Core banking vendor Temenos Group has acquired fund administration provider Multifonds for €235 million.

The acquisition marks a significant move for Temenos into the fund admin software market as Multifonds technology is used by 9 of the 15 fund administrators, including JP Morgan, Citi, BNP Paribas and Credit Suisse.

Multifond’s software allows fund administrators to perform key accounting functions such as intra-day valuations and end-of-day NAV calculations, and supports key investor servicing and transfer agency functions.

Following the completion of the acquisition Oded Weiss, CEO of Multifonds, will continue to the run the company along with its current management team.

“The deal is a win-win for all stakeholders and, together with the management team from Multifonds, I am committed to the group’s future success,” says Weiss.

“As part of Temenos, Multifonds will have the opportunity to grow much faster by leveraging Temenos’s sales and marketing, partner and R&D infrastructure.”