Merger creates leading platform for driving automation and simplification of end-to-end workflows for trading, treasury, risk management, and regulatory compliance
Transaction Follows Closing of Thoma Bravo's Previously Announced Acquisition of Calypso
SAN FRANCISCO—Thoma Bravo, a leading software investment firm, today announced the merger of Calypso Technology Inc. ("Calypso"), a provider of cloud-enabled, cross-asset, front-to-back solutions for financial markets, and its existing portfolio company AxiomSL, the leading provider of regulatory reporting and risk management solutions for financial institutions. The merger follows the completion of Thoma Bravo's previously announced acquisition of Calypso.
The combination of Calypso and AxiomSL will create one of the most unique and comprehensive cloud-based solution providers in the financial industry. With complete coverage for banking, capital markets, treasury, enterprise risk, regulatory reporting and compliance, the combined company will streamline customers' end-to-end workflows, bring them operational efficiencies, and strengthen a culture of customer-centric innovation to better serve financial institutions globally.
Didier Bouillard, current CEO of Calypso Technology, will serve as CEO of the new company. Alexander Tsigutkin, founder and CEO of AxiomSL, will join the Board of Directors and remain an investor in the company. The newly formed company will be dual headquartered in London and New York City, have nearly 2,000 employees, more than 60,000 users, and a customer base spanning the world's largest financial institutions across global and regional banks, broker dealers, insurers, asset managers, pension funds, hedge funds, central banks, stock exchanges and clearing houses, securities services providers, and corporates.
"We have long admired Calypso and its position as a leader in the global capital markets software space, and we are excited about the opportunity to provide the combined company's customer base with a comprehensive platform to navigate the increasingly complex nexus of capital markets, banking, and regulation with greater transparency and agility," said Holden Spaht, a managing partner at Thoma Bravo. "We look forward to partnering with Didier and the management team to apply our operational expertise and continue building on the great momentum both Calypso and AxiomSL have generated."
Brian Jaffee, a principal at Thoma Bravo, added, "We are excited to support the combination of two complimentary financial technology leaders in large and growing markets with an opportunity to build something truly unique. Financial institutions are still in the early innings of technology modernization, and the combined company's unique set of modern cloud product offerings coupled with the ever-evolving regulatory landscape should position the company for long-term growth for many years to come."
Alex Tsigutkin, founder and CEO of AxiomSL, said, "I couldn't be more excited about bringing together two leading financial technology providers and leveraging the respective strengths of each company to drive greater value for our combined customers. Having built AxiomSL over the past 30 years, I've long admired Calypso's growth journey and its modern suite of products and impressive customer base. I am thrilled to support AxiomSL's next chapter of growth under Didier's leadership and look forward to continuing my partnership with Thoma Bravo and the entire board of directors."
"I am honored to serve as the Chief Executive Officer of this combined organization and look forward to bringing these two great companies together," said Didier Bouillard. "I am excited by the opportunity to unite AxiomSL and Calypso to build a world-class software provider, and to deliver even more value to our customers. The combined entity is uniquely positioned to support innovation, simplification, and modernization of our customers' entire value chain, while enabling them to rapidly adapt to changing regulations."
Kirkland & Ellis, LLP is serving as legal counsel to Thoma Bravo. Debt financing for the transaction was provided by Owl Rock Capital, the Private Credit business within Goldman Sachs Asset Management, PSP Investments Credit II USA LLC, Blackstone Credit, Thoma Bravo Credit, certain funds managed by affiliates of Apollo Capital Management, L.P., credit funds managed by Ares Management Corporation, Diameter Master Fund LP., Golub Capital, KKR Credit, Oak Hill Advisors, Stone Point Credit Corporation and Harvest Partners, LP.
About Calypso Technology, Inc.
Calypso Technology, Inc. is a cloud-enabled provider of cross-asset front-to-back solutions and managed services for financial markets with over 40,000 users in 60+ countries. Its award-winning software improves reliability, adaptability, and scalability across several verticals, including capital markets, investment management, central banking, clearing, treasury, liquidity, and collateral. Calypso is pioneering innovative technologies (native cloud technology, AI, Big data) that reimagine capital markets.
"Calypso" is a registered trademark of Calypso Technology, Inc. in the U.S., EU and other jurisdictions. Other parties' trademarks or service marks are the property of their respective owners. For more information visit: www.calypso.com
AxiomSL, a leading global provider of solutions and SAAS services, delivers efficient risk and regulatory data-management and reporting for financial institutions. Clients leverage AxiomSL's solutions across financial, liquidity, capital and credit, shareholding disclosure, trade and transaction, and tax mandates. Its single, fully managed, audit-empowered offering, RegCloud® – AxiomSL's ControllerView® platform in the cloud, futureproofs clients against technology and regulatory change. AxiomSL's client base spans national, regional, and global financial institutions. These comprise banks with $45 trillion in total assets including 80% of G-SIBs; investment managers with $13 trillion in assets under management; and 30% of the top 60 US broker-dealers representing $44 billion in shareholder equity. It covers 110 regulators across 50 jurisdictions. AxiomSL ranks in the top 20 of the Chartis RiskTech100®. For more information visit: www.axiomsl.com
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $78 billion in assets under management as of March 31, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 300 companies representing over $85 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit thomabravo.com.
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