The Carlyle Group takes majority stake in Calastone
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 [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Financial Services sector (13.3x in 2020).
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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
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (GBP)
Other operations with Calastone
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2025 | SS&C TECHNOLOGIES | CALASTONE | UNITED KINGDOM | Fintech & Payments |
Other operations with The Carlyle Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2026 | THE CARLYLE GROUP | NIDEC COMPONENTS | JAPAN | Sensors & Optics |
| 09/2026 | THE CARLYLE GROUP / CVC | BAUWATCH | NETHERLANDS | Security & Guarding |
| 07/2026 | THE CARLYLE GROUP | SECTURION SYSTEMS | UNITED STATES | Electronics |
| 09/2025 | THE CARLYLE GROUP / BPIFRANCE | CIRIL GROUP | FRANCE | Industry-Specific Software |
| 07/2025 | THE CARLYLE GROUP | ADASTRA GROUP | CANADA | Engineering & Consulting |
| 10/2023 | THE CARLYLE GROUP | LOCABOX | FRANCE | Warehousing / 3PL |
| 05/2023 | THE CARLYLE GROUP | MEOPTA-OPTIKA | CZECH REPUBLIC | Sensors & Optics |
| 01/2023 | THE CARLYLE GROUP | GROUPE LACOUR | FRANCE | Automotive |
| 12/2022 | THE CARLYLE GROUP | TESCAN GROUP | CZECH REPUBLIC | Instrumentation & Measurement |
| 05/2022 | THE CARLYLE GROUP | MANTECH INTERNATIONAL CORPORATION | UNITED STATES | Cybersecurity Services |
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REFERENCES
Revenue range: REV £25–50M
EBITDA range: £5–25M
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
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