King & Wood Mallesons SJ Berwin has advised the Euroventures III private equity fund on the sale of IND Group, a digital banking technology specialist, to Misys. The size of the transaction was not disclosed.
IND Group's eight offices include locations in Russia, Romania, Poland, Slovakia, and Hungary.
Misys specializes in software for banking, capital markets, lending, and enterprise risk and investment management. The acquisition of IND Group builds on the partnership that Misys signed with the company in March 2013 and supports its goal of expanding existing core banking capabilities through the addition of consumer-orientated solutions.
Euroventures III is led by the CEE-based private equity firm Euroventures, a long-established independent private equity firm in Central Europe that invests in private companies in innovative industries, with the goal of helping management teams build their businesses into regional companies.
Founded in 1997, IND Group is a leading innovator and supplier of online, mobile banking and personal financial management tools. Euroventures III invested in the company in 2007 with the goal of supporting the continued growth of IND’s product development and expansion plans. IND now operates on three continents in 15 countries, providing proficiency and technology to more than 30 banks worldwide.
Andrew Wingfield, Partner at King & Wood Mallesons SJ Berwin, said: “This was a highly strategic investment by Euroventures, who six years ago saw potential in IND to become a leader in the rapidly evolving e-payments market. It’s a market that continues to develop and something that our clients are excited about.” Wingfield was assisted by Corporate Associate Jamed Darbyshire.