M&A advisory for financial services software companies
Financial services software M&A is one of the most consistently active corners of software dealmaking. FIS, Fiserv, Jack Henry, the major capital markets vendors and banking infrastructure groups run continuous strategic M&A, and FIG-focused PE platforms run multi-year buy-and-build programmes alongside.
The most active strategic buyers are FIS, Fiserv, Jack Henry, the major capital markets vendors and banking infrastructure groups, alongside FIG-focused PE platforms running multi-year buy-and-build programmes. Flow has direct access to the FIG strategic acquirers and specialist PE platforms that transact here.
Flow team has relevant sector experience and has worked with financial services software companies across core banking and lending, capital markets and trading, wealth and asset management, risk and compliance technology, and treasury and back-office accounting.
"Financial services software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing financial services software M&A targets
ARR
Net retention
FI logo count
AUM- / tx-linked revenue
Implementation backlog
Renewal rate
Customer concentration
Gross margin
CAC payback
Compliance posture
Financial services software valuations in May 2026
Public financial services software comps trade at 3.7x EV/Revenue. Median revenue multiple across financial services software M&A deals was 4.7x in the last 12 months.
3.7x
Median EV/Revenue as of May 2026 for public financial services software companies
8.8x
S&P Global is the highest valued public financial services software company based on EV/Revenue (excluding outliers)
4.7x
Median EV/Revenue across financial services software M&A deals in the last 12 months
15x
Median EV/Revenue across financial services software VC rounds in the last 12 months
Key recent financial services software M&A deals
$8.4B acquisition of Clearwater Analytics by Permira was the largest financial services software M&A transaction completed in the last year.
See all financial services software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | Clearwater Analytics |  | Clearwater Analytics describes its mission as aiming to be the world’s most trusted and comprehensive technology platform for the entire investment cycle. Clearwater has historically focused on back-office functions such as investment accounting, but with acquisitions such Enfusion, Beacon, and Bistro, the firm has broadened its focus with front-office and middle-office capabilities. Clearwater primarily serves insurance companies, asset managers, hedge funds, and corporate treasuries. Pro forma for Enfusion, about 76% of Clearwater’s revenue is generated in the US. | Permira | $8.4B | 11x | |
Jan-26 | Allfunds |  | Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France. | Deutsche Börse | $6.3B | 8.3x | |
Feb-26 | NCR Atleos | | NCR Atleos Corp is financial technology company providing self-directed banking solutions to a customer base including financial institutions, merchants, manufacturers, retailers and consumers. Self-directed banking is a rapidly growing, secular trend that allows banking customers to transact seamlessly between various channels all for the same transaction. Their comprehensive solutions enable the acceleration of self-directed banking through ATM and interactive teller machine (ITM) technology, including software, services, hardware and its proprietary Allpoint network. Atleos manage its operations in the following segments which includes Self-Service Banking, Network, and Telecommunications abd Technology. | Brink’s | $4.0B | 0.4x | |
Aug-25 | Sapiens |  | Sapiens is a Holon-headquartered global software provider for property and casualty, life, pensions, and reinsurance insurers. Founded in 1982 and listed on NASDAQ, it delivers core administration platforms like IDIT for P&C and ALIS for life products. Sapiens serves over 600 customers worldwide including Allianz and Liberty Mutual through cloud-based deployments. | Advent International | $2.5B | 4.4x | |
Aug-25 | HSO | | HSO is a Stockholm-headquartered global Microsoft partner with over 2,500 consultants across 30 offices in Europe, North America, and Asia Pacific. Founded in 1993, it implements Microsoft Dynamics 365 ERP and CRM, Azure cloud infrastructure, Power Platform low-code tools, and AI-driven analytics for enterprises. HSO serves industries including manufacturing, retail, construction, and financial services with tailored solutions like Retail360 for omnichannel commerce and AEC360 for project management in architecture, engineering, and construction. | Bain Capital | $2.3B | 5.0x | |
Aug-25 | MeridianLink | | MeridianLink is a Costa Mesa, California-headquartered provider of digital lending software for banks, credit unions, and mortgage lenders across the United States. Its MeridianLink One platform automates consumer lending, account opening, mortgage origination, collections, and compliance reporting. The company serves over 2,000 financial institutions, processing billions in loan volume annually through integrations with credit bureaus and core banking systems. | Centerbridge Partners | $2.0B | 6.2x | |
Mar-26 | TradingHub | | TradingHub is a provider of trade data analytics for financial services firms including global banks, asset managers, hedge funds, and regulators. Its product suite applies advanced analytic techniques to detect market abuse, identify rogue traders, evaluate best execution, and assess trader performance. | Nordic Capital | $750M | 11x | |
Nov-25 | Forge Global | | Forge Global Holdings Inc is a financial service platform created to serve the needs of the private market. It provides marketplace infrastructure, data services, and technology solutions for private market participants. The company offers a trusted trading platform, proprietary data and insights to inform investment strategies, along with custody services to help companies, shareholders, institutions and accredited investors confidently navigate and transact in the private market. | Charles Schwab | $660M | 8.4x | |
May-26 | Reap |  | Reap is a financial technology platform founded in 2018 that equips companies worldwide with card issuing APIs, expense management software, global payouts, and the Reap Visa Corporate Credit Card. With over 50 employees across offices in seven countries, it receives backing from investors such as Acorn Pacific Ventures, HashKey Capital, and Fresco Capital, enabling businesses to manage finances securely and efficiently. | Payward | $600M | - | |
Jun-25 | SLK Software |  | SLK Software is a Bangalore-based IT services firm delivering software engineering, quality assurance testing, data analytics, and business intelligence solutions. The company focuses on enterprise applications for telecommunications, healthcare, and manufacturing industries through agile development and cloud migration services. SLK Software operates development centers in India with client delivery teams in the United States and Europe. | Altimetrik Corp. | $600M | - | |
Jul-25 | COEO Group |  | COEO Group is a German provider of debt recovery, digital payment processing, and financial management software. Its platform automates collections through AI-driven debtor communications and legal workflows compliant with EU regulations. COEO offers apps for personal budgeting, invoice tracking, and corporate cash flow forecasting. The company serves banks, utilities, and telcos across Europe from headquarters in Cologne. | Dovalue | $378M | - | |
Jul-25 | CoreCard Software | | CoreCard Software supplies digital platforms for prepaid, debit, credit, fleet, commercial, healthcare, government, and private-label card management. Norcross-headquartered since 1992, the company processes transactions and handles accounts receivable for financial institutions worldwide through its feature-rich software suite. | Euronet Worldwide | $248M | 3.7x | |
Aug-25 | Intelliflo | | intelliflo is a London-headquartered wealth management technology provider using open architecture platforms for financial planning, portfolio management, and digital advice. Its solutions power advisory firms handling assets across the UK, Europe, and Australia. intelliflo integrates with custodians like Pershing and SEI, supporting model portfolios and client onboarding. Formed through mergers since 2004, it connects to over 200 investment sources. | Carlyle Group | $200M | 3.6x | |
Jun-25 | Wealthbox | | Wealthbox is a web and mobile CRM application for financial advisors and wealth managers. New York-headquartered, it centralizes client data, task automation, and integrations with custodians like Schwab and Fidelity. Features include pipeline tracking, document vaults, and compliance workflows. Launched in 2013, Wealthbox powers 2,000+ firms, syncing with tools such as RightCapital for planning. | Sixth Street | $200M | - | |
Aug-25 | Tecnobank |  | Tecnobank is a Brazilian IT provider enabling digital transformation in vehicle financing through contract registration services. Accredited as a registrar, it streamlines secure operations between financial institutions and transit agencies. São Paulo-based, the platform digitizes management, endorsements, and regulatory filings for automotive finance sectors. | Evertec | $197M | - |
Most active buyers of financial services software companies
Visma, FE fundinfo and Fidelity Information Services are the most active acquirers of financial services software companies in the last three years.
See all financial services software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Visma |  | Visma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets. | DootaxPag UtilTaxy.io+1 | 4 | |
FE fundinfo |  | FE fundinfo is a Luxembourg-based provider of fund data platforms serving asset managers, banks, insurance companies, and financial advisors across Europe. It handles mandatory publications, document dissemination, and data distribution for over 100,000 investment funds, including UCITS and AIFs. The platform supports daily updates and regulatory compliance under PRIIPs and MiFID II, with operations in 20 countries and integrations for platforms like Morningstar and Bloomberg. | FundipediaLunar AIMatterhorn Reporting Services+2 | 4 | |
Fidelity Information Services | | Fidelity National Information Services provides core processing and ancillary services to banks, but its business has expanded over time. By acquiring SunGard in 2015, the company now provides record-keeping and other services to investment firms. With the acquisition of Worldpay in 2019, FIS was providing payment processing services for merchants and holding leading positions in the United States and United Kingdom. But the company sold off a majority interest in Worldpay and now has only a minority stake. | AmountGlobal Payments (issuer solutions unit)Dragonfly Financial Technologies+2 | 4 | |
Regnology Group | | Regnology Group delivers regulatory reporting, tax compliance, and risk management software for banks and insurers in Europe and Asia. Its XBRXL platform automates ECB, BaFin, and EIOPA submissions, while Document Intelligence processes unstructured data for AnaCredit and SFTR. The Munich-headquartered firm serves over 400 financial institutions. | Moody (regulatory reporting & ALM unit)Heywood Business AnalystsAGILE+1 | 4 | |
Kinective | | Kinective is a Chicago-headquartered provider of core banking APIs, data analytics, and workflow automation for U.S. financial institutions. Its cloud platform supports teller operations, document generation, and real-time data feeds from sources like CoreLogic. Kinective serves community banks and credit unions with microservices architecture. Rebranded in 2023 from Temenos Marketplace, it processes billions in daily transactions. | OrbographJanuseaDatava+1 | 3 | |
Banyan Software | | Banyan Software is an Atlanta-headquartered firm acquiring and scaling enterprise software companies. It partners with management teams for continued operations in ERP, CRM, and industry-specific applications across manufacturing and services. | GiniAutomated SystemsFXCubic+1 | 3 | |
Bain Capital | | Boston-headquartered Bain Capital is a multi-asset alternative investment firm founded in 1984 with operations in private equity, public equity, credit, and venture capital. It invests across technology, healthcare, consumer, and financial services sectors globally. | HSOEnvestnetfinova+2 | 3 | |
GTCR | | GTCR is a Chicago-based private equity firm targeting growth companies in financial services, technology, healthcare, and information services sectors. The firm employs its Leaders Strategy to partner with management teams for acquisitions and organic expansion. | FMG SuiteConcordFoundation Source+2 | 3 | |
Aurionpro Solutions | | Aurionpro Solutions Ltd is a technology company that provides enterprise solutions focused on banking, payments, smart city, and smart transportation sectors. The company offers software products and services such as transaction banking platforms, credit risk management systems, digital signage, queue management, self-service kiosks, and customer feedback systems. Aurionpro generates revenue through the sale of software services and licensed technology solutions to various countries, serving a diverse client base including banks, airports, government entities, and various other industries. It operates through multiple business segments, predominantly focusing on Banking & Fintech and Technology Innovation. | InfraRiskFintra SoftwareArya.ai | 3 | |
Apax Partners | | Apax Partners is a leading private equity firm dedicated to long-term investments in growth-stage companies across tech, services, healthcare, and consumer markets. Managing over $70 billion in assets, it has offices in London, New York, Munich, Tel Aviv, Stockholm, and Shanghai, with notable exits including Iron Mountain and Sedgwick. | Finastra (treasury and capital markets unit)Cabel IndustryOcs+2 | 3 |
Founders and investors we've worked with
We've supported winning builders across financial services software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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