CALASTONE
Acquired by
SS&C TECHNOLOGIES
CALASTONE acquired by SS&C TECHNOLOGIES
Target
CALASTONE
Acquirer
SS&C TECHNOLOGIES
Context
SS&C Technologies acquired Calastone from Carlyle. Upon completion, Calastone's team of 250 employees was integrated into SS&C's Global Investor & Distribution Solutions (GIDS) division. The strategic rationale is to combine Calastone's network with SS&C's fund administration and AI automation capabilities to create a more connected, automated global fund ecosystem.
CALASTONE, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 14.0x average currently observed in the Financial Services sector.
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Target
Calastone is the largest global funds network, serving as a digital marketplace for trading and settling investment funds. It leverages blockchain technology and distributed ledger technology (DLT) to automate traditionally manual processes such as order routing, settlement, and transaction reporting.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with CALASTONE
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 10/2020 | THE CARLYLE GROUP | CALASTONE | UNITED KINGDOM | Fintech & Payments | The Carlyle Group acquired a majority stake in Calastone from Accel and Octopus Ventures. The deal followed a competitive auction process involving other bidders like Nordic Capital. The strategic rationale was to transform a highly successful, VC-backed fintech into a global institutional-grade market utility. Carlyle aimed to leverage the company's "sticky" recurring revenue (85% from mutual fund routing) and its first-mover advantage in blockchain-based fund infrastructure to drive global scale. |
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