Setting out on a multi-stage acquisition of US-based Athena Systems, United Fintech continues its rapid expansion in pursuit of becoming the global banking industry’s ‘one-stop-shop’ for innovative capital markets products, broadening the scope to target an asset management industry in urgent need of technological innovation: “Banking and buy-side tech is starting to overlap and we are seeing very similar existential challenges”, reasons Danish CEO.
Also Read: United Fintech Announces Acquisition of Trading Analytics Firm FairXchange
As a first step in a multi-stage acquisition, United Fintech has obtained a 25% stake in US-founded Athena Systems (“Athena” or the “Company”) for an undisclosed amount, aiming to obtain another 26% in two years and the 49% remainder in three years, in a transaction onboarding the Company, its clients and employees onto United Fintech’s digital platform. Athena, operating from offices in the US, Spain and Vietnam, services asset managers and hedge funds worldwide through its renowned Portfolio Order Management System (“POMS”) Athena Spark. And according to United Fintech CEO Christian Frahm, Athena fits hand-in-glove with a strategy of acquiring attractive and state-of-the-art Capital Markets software products ready for scaling and global roll-out on United Fintech’s platform:
“From early conversations with founders Luis Otero, Stefano Guarnieri and Scott Sykowski, key staff as well as core clients, it was clear to us that Athena Systems has amazing technology, world class people and in-depth technical understanding of their customers’ needs. Making Athena part of United Fintech felt like a great match from day one and we are convinced we can scale the Company globally and together become leaders in the space within the next 3-4 years”, says Christian Frahm.
To date, United Fintech has acquired FairXchange, TTM Zero and NetDania, employing 130 people across Europe and the United States. With the acquisition of Athena Systems, UnitedFintech adds a new product offering within asset management to roll out across its platform.