Private equity firm Apax Partners is reportedly leading the race to acquire the Treasury and Capital Markets (TCM) arm of Finastra, in a deal valued at approximately $2 billion, including debt, according to insiders familiar with the matter.
Finastra’s TCM unit — a provider of advanced financial software solutions for trade processing, risk management, and regulatory compliance — has been up for sale in an auction run by its majority stakeholder, Vista Equity Partners. Apax has emerged as the most likely buyer following final bid submissions, and negotiations are now entering the final stages.
While Apax is considered the front-runner, sources caution that the outcome isn’t final, and another buyer could still surface before the deal is concluded. Discussions are ongoing, particularly around financing terms, with a formal agreement expected soon if all conditions are met.
Neither Apax nor Vista Equity commented publicly, and Finastra has yet to respond to media inquiries.
Finastra, headquartered in London, was established in 2017 after Vista acquired D+H Corporation, a Canadian fintech company, and merged it with Misys, a long-standing banking and capital markets software provider. The resulting entity became one of the largest financial software companies in the world.
Despite broader market turbulence and a general slowdown in global M&A activity—partly due to economic uncertainty and geopolitical tensions—financial software remains a resilient segment. These businesses, being largely unaffected by tariffs, continue to attract investor interest.
This potential transaction mirrors recent trends in the industry. Just last month, KKR finalized a $3.1 billion acquisition of OSTTRA, a firm specializing in post-trade financial software, from S&P Global and CME Group.
If successful, the deal would mark another major strategic move in the financial technology space, underscoring continued private equity confidence in digital infrastructure critical to global finance.
