Mon, 11 Apr 2011 | BUSINESS SALE
The Dubai-based owners of SmartStream, the successful providers of specialist software for the financial services industry, are hoping to double their money by selling off the London-based company.
Dubai International Financial Centre (DIFC) - which owns the emirate's stock exchange - paid just over £200 million for the company when they bought it in 2007. They have now appointed Swiss investment bank, UBS, to auction off SmartStream, with a realistic selling price of £500 million.
The company is a leading provider of share trading software to 75 of the world's 100 biggest banks. SmartStream systems are designed to deliver new levels of enterprise-wide automation and control to the transaction lifecycle. The software has also been adopted by lead hedge funds and asset and money managers across the globe.
Among the ten companies that UBS has said have already expressed interest in buying the company is British technology company, Misys, which already has a partnership agreement with SmartStream. Private equity company, Permira, is also said to have shown interest.
This is the second time that DIFC has attempted to sell SmartStream. They initially put it on the market last year but subsequently pulled it out, as they said the bids were too low.
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