Teciem launches in London with Apax backing & 340 clients

Teciem has launched as a standalone software business after Apax Funds completed the purchase of Finastra's Treasury and Capital Markets division.

The new company starts with more than 340 financial institution clients. It said that includes 70 of the world's top 100 banks. Teciem will operate from a headquarters in London.

Apax Funds said they have committed investment following completion of the deal. The transaction value was not disclosed.

Product suite

Teciem's product set includes Kondor, Summit, Opics, Sophis, Fusion Risk and Fusion Invest. The company said the software supports treasury and capital markets operations. It also cited risk management, regulatory compliance, and investment management use cases.

The business inherits a portfolio that Finastra had positioned across trading and post-trade processes in banking. Teciem said its products sit across a range of financial institutions, from large global banks to smaller firms.

Leadership team

Wissam Khoury will lead Teciem as Chief Executive Officer. The company said Khoury previously led Finastra's Treasury and Capital Markets business unit as EVP for four years. It said he has 25 years of experience in financial technology.

Teciem said 1,300 staff will move from Finastra into the new company. It said this includes senior leaders. Teciem said the transfer will maintain continuity for clients across relationships, product delivery and services.

"As a standalone business dedicated to providing industry-leading treasury and capital markets software and services, Teciem is focused on delivering excellence and accelerating innovation across our product portfolio," said Wissam Khoury, Chief Executive Officer, Teciem. "With the backing of Apax and their deep expertise in supporting the growth of technology businesses, we'll be investing further in product development and technology, delivering even greater value to our customers."

Apax backing

Apax described the transaction as a shift to independent ownership and governance. The firm said it expects to work with Teciem's leadership on the next phase of the business.

"The closing of this transaction allows Teciem to progress with clarity, focus and independence. We look forward to supporting Wissam and the senior leadership team on the exciting journey ahead," said Gabriele Cipparone. "Teciem's market-leading software, deep customer relationships and strong global team puts it in an excellent position to invest in its product roadmap, continue supporting clients' evolving needs, and build on the capabilities that have made it a trusted partner across treasury and capital markets."

The launch also completes Finastra's sale of its Treasury and Capital Markets unit. Teciem now owns and runs the set of software products and associated services that previously sat inside Finastra.

Apax said it has raised and advised funds with aggregate commitments of about USD $80 billion. Teciem said it plans further investment in product development and hiring as it operates independently.