FNZ shareholders eye sale
Key backers of platform technology firm FNZ are reportedly selling their stakes in the business.
Thursday, August 2nd 2018, 6:00AM
British media said General Atlantic and HIG Europe were looking to sell their shareholdings in the company.
FNZ powers the Zurich, Standard Life Wrap, Elevate, Embark and Aviva platforms. Other customers include BNZ, Fisher Funds, AMP and First NZ Capital.
The two private equity firms have about a third of the company each. The rest is owned by FNZ’s executive team.
The sale could value the company at about $2 billion to $4 billion.
The company was founded in New Zealand in 2004, backed by First NZ Capital, and now has its largest office in Edinburgh.
Co-founder Adrian Dunham is still chief executive of the global operation.
It expanded into the UK in 2005 before moving into Australia in 2010, with a platform for AMP.
FNZ’s API-enabled platform offers integration with customers’ own services and applications, which gives them full control and ownership of the service delivered to client.
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