Apax Global Alpha (AGA) has announced that it expects to invest approximately €25m on a look-through basis into the Treasury and Capital Markets (TCM) division of Finastra, following the acquisition of the business by the Apax XI Fund. The transaction, announced by Apax XI on 19 May 2025, will see the carve-out and rebranding of TCM, which will operate as a standalone entity post-completion – expected in the first half of 2026, subject to customary approvals and consultation processes.
TCM is a well-established provider of financial services software, supporting over 340 financial institutions globally with risk management, compliance, and capital markets operations. Its flagship products – Kondor, Summit, and Opics – are used across the trade lifecycle, and the business benefits from deep client integration and decades of intellectual property.
As a newly independent platform, TCM is expected to benefit from targeted investment in product development, marketing, and cloud-based technology infrastructure. The Apax Funds bring a strong track record in both software and carve-outs, with relevant experience from investments in Paycor, Zellis Group, and ECi Software.
AGA’s exposure to the deal stems from its commitment of approximately $700m to Apax XI. The €25m figure is based on current look-through calculations and prevailing exchange rates.
Apax partner Jason Wright described TCM as a “mission-critical platform with significant potential,” while fellow partner Gabriele Cipparrone said the move marks a new chapter for the business, with enhanced innovation and operational focus under Apax’s stewardship.
