Temenos to Sell Fund Platform to Private Equity Firm Montagu (1)

Temenos AG has agreed to sell its fund-administration software unit, Multifonds, to Montagu Private Equity, as the Swiss banking software firm streamlines its business.

The deal with the private equity firm has an enterprise value of about $400 million, Temenos said in a statement on Thursday. Multifonds management team will remain invested alongside Montagu, it said.

The sale comes after Temenos, which provides software products to banks and wealth managers, announced new strategic targets in November.

The Swiss firm, backed by financier Martin Ebner, is still trying to shake off the impact of allegations of “accounting irregularities” made ...