Nordic Capital has agreed to acquire a majority share in Zafin, a leading provider of SaaS core modernization and transformation solutions for financial institutions worldwide. The investment was made in close partnership with Zafin’s founders and management – who will reinvest in the company alongside Nordic Capital.
Zafin is known as an industry leader for its innovative approach to bank core modernization. Zafin’s core SaaS platform extracts products and pricing from multiple core systems, enabling users to work collaboratively to design and manage relationship pricing, products, and packages, including personalized propositions.
This platform allows banks to dynamically respond to changing customer and market needs across their entire bank core system footprint, all while ensuring regulatory compliance, transparency, and operational control. And as a result of these benefits, such as faster time to market, increased revenue opportunities, lower operating costs, and reduced operational risks, Zafin is recognized as a preferred partner for banks globally. Zafin is a global organization serving a diverse base of customers, including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.
Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies. And as a leading specialized technology investor globally, Nordic Capital has to date made 29 technology investments with an aggregate enterprise value of close to €24 billion.
The terms of the deal were not disclosed. And the completion of the deal is expected during Q1 2024 and is subject to customary closing conditions.
Goldman Sachs & Co served as exclusive financial advisor to Zafin and Fasken Martineau DuMoulin LLP as legal counsel to Zafin.
KEY QUOTES:
“This partnership is an absolute game-changer for the Zafin team and our customers. We have been powering the modernization and transformation of banks and future-proofing their banking technology investments for years. With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.”
- Al Karim Somji, CEO, Zafin
“Nordic Capital has been a keen observer of bank IT modernization efforts and has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape. The Company’s exceptional track record of success and resoundingly positive customer feedback are a testament to the entire Zafin team and product they have built. We firmly believe that Zafin will emerge as a gold standard in bank IT modernization efforts. Nordic Capital looks forward to partnering with Zafin management on the next phase of the company’s growth, including leveraging our seasoned inhouse operational team, deep expertise and expansive relationships in the sector.”
- Mohit Agnihotri, Partner Nordic Capital Advisors
