ION will purchase Openlink from private equity firm Hellman & Friedman.
ION Investment Group is acquiring Openlink Financial, a trading systems and risk management software vendor, to expand ION’s footprint in energy and financial services.
ION will purchase Openlink from private equity firm Hellman & Friedman, which owns the vendor. Openlink’s wares, including a cloud platform and analytics, serve the commodities, energy, corporate and financial services markets. ION makes trading and workflow automation software solutions for financial institutions, central banks, governments and corporations
Financial details about the sale were not disclosed, but the acquisition follows news reports this past fall that Hellman & Friedman were looking to sell Openlink.
“Obtaining the backing of ION marks an exciting opportunity for Openlink, especially after 25 years of industry leadership,” says Rich Grossi, CEO for Openlink, in a prepared statement. “Under ION’s ownership we will continue investing in product innovation to bring market-leading solutions to clients and help address their business challenges,” Grossi says.
The Openlink solutions are “highly complementary to ION’s business,” says Andrea Pignataro, CEO for ION, in a statement. “This acquisition will expand ION’s footprint in energy and financial services. We look forward to partnering with Rich Grossi and his team, and contributing to the firm’s growth and development,” Pignataro says.
UBS Investment Bank acted as exclusive financial advisor to ION and provided financing in support of the transaction, officials say. Linklaters LLP served as legal counsel to ION.
Openlink is using Centerview Partners LLC as its exclusive financial advisor while Simpson Thacher & Bartlett LLP served as legal counsel to Hellman & Friedman and Openlink, officials say. The transaction is subject to customary approvals.
Hellman & Friedman, which has offices in San Francisco, New York, and London focuses on many industries including business and information services, software, financial services, internet and media, healthcare, retail and consumer, and industrials and energy.
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