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Lutech Sells Finwave to Fibonacci BidCo, backed by Apax Funds

Lutech Group has signed an agreement to sell its proprietary fintech and credit management software division to Fibonacci BidCo, a company fully controlled by Funds advised by Apax Partners.

The division, operating under the Finwave brand, is the result of Lutech's project to consolidate specialized proprietary software solutions in factoring, leasing, banking, UTP, and compliance. It includes entities such as Finwave S.p.A., Artis Consulting S.p.A., and Lutech NL B.V., generating €50 million in total revenues and representing c. 10% of Lutech’s consolidated EBITDA.

For Finwave, this transaction represents a significant opportunity to accelerate its development and growth, establishing itself as a leading software provider for international financial institutions.

For Lutech, this operation represents an important milestone toward its strategy to focus on IT services and solutions, supporting the digital transformation of its clients. Lutech’s strategy has been further reinforced by the successful acquisition of the Italian operations of Atos, now Lutech Advanced Solutions, on March 31st. That combination has shifted the focus of Lutech on realising the material synergies identified and leveraging the new combined market position and strength of offerings to accelerate growth in its core digital transformation market. The proceeds derived from this transaction will be reinvested by Lutech Group in new strategic acquisitions to further accelerate and strengthen its leadership position in Digital Transformation Services.

Tullio Pirovano, Executive Chairman of Lutech Group, stated: “The sale of Finwave represents a strategic step in our journey of growth and development as a leading company in IT services for the digitalization of our clients' business processes and highlights our ability to create value. We are confident that this process will create the best conditions for Finwave to strengthen its position as a specialized software product company in the financial markets in Italy and abroad."

Willy Burkhardt, CEO of Finwave, expressed strong motivation and enthusiasm for the next stages of Finwave's expansion: "The opportunity to grow and thrive as an independent entity will allow us to extend high-quality platforms and solutions to other areas of the financial market. We are ready to embark on this growth journey, focusing on delivering innovation to our clients worldwide through R&D efforts and strategic new acquisitions."

The divestment of Finwave is expected to be completed in H2 2023, subject to customary closing conditions and approval by the competent authorities.

Both parties will work closely and with utmost commitment to ensure a smooth transition for their clients and the entire successful ecosystem they have operated in for many years.

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