mynth
10/2020

CALASTONE acquired by THE CARLYLE GROUP

UNITED KINGDOM Fintech & Payments REV 25M - 50M GBP

Context

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.

CALASTONE, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Financial Services sector (12.5x).

-> Deep-dive in Financial Services market trends

Target

Founded in 2007 in London, Calastone operates as a specialized global funds network providing advanced technology solutions to the wealth and asset management industry. The financial technology enterprise engineers an automated digital ecosystem designed to reduce operational complexity, minimize risk, and drive significant cost efficiencies across the institutional investment lifecycle. Functioning as a critical infrastructure layer for the international financial sector, the business processes an immense volume exceeding £250 billion in investment value on a monthly basis. Led by Chief Executive Officer Julien Hammerson, the organization coordinates a vast commercial and technical footprint, actively connecting more than 4,500 institutional clients distributed across 57 countries and territories. To support this massive cross-border capacity, the corporate structure maintains strategic regional offices in major financial hubs, including Luxembourg, Hong Kong, Taipei, Singapore, New York, and Sydney. The proprietary software platform continuously adapts to shifting capital market demands, recently enhancing its specialized product suite to support exchange-traded funds (ETFs) and emerging digital asset classes, specifically targeting tokenized investment funds. By deploying market-leading innovation, the company enables asset managers to achieve greater market efficiency.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2020
2019

Other operations with CALASTONE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
01/2025SS&C TECHNOLOGIESCALASTONEUNITED KINGDOMFintech & Payments

REFERENCES

Revenue range: 25M - 50M GBP

EBITDA range: 5M - 25M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CALASTONE by THE CARLYLE GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: calastone

Acquirer: the carlyle group