Objectway Financial Software SpA, a Milan, Italy-based provider of software and services solutions for the financial industry, has received a €10m equity funding.
Futurimpresa SGR, the institutional private equity fund owned by the Chambers of Commerce of Milano, Bergamo, Brescia and Como, has acquired a 30 stake in the company via its Finanza e Sviluppo Impresa investment fund.
Objectway intends to use the funds to expand in continental Europe and UK. The first capital increase has been dedicated to financing the acquisition of AMS Group, which specializes in providing outsourcing services to Asset Management Companies and Financial Intermediaries, with a turnover of approximately €15m per year.
Led by Luigi Marciano, founder, CEO and major shareholder, Objectway develops and markets Objectway Financial Suite (OFS), a front-to-back software platform for wealth management, mobile banking, investment service and asset management. The platform offers a wide range of solutions for private banks, retail banks, asset managers, financial advisors, brokers, life insurance company and outsourcer.
The Group, which currently employs 450 people, serves more than 100 Italian and international financial institutions in France, Spain, Portugal and Ireland including Azimut, Allianz Bank, Barclays, CNP, Credit Suisse, Ing Direct, FinecoBank, MPS, Generali, UBI Banca.