Italian FinTech Objectway acquires Algorfin

Objectway, a software developer for the wealth and asset management industries, has acquired Algorfin for an undisclosed amount.

Algorfin is the software and services unit of Italian bank Unione Fiduciaria and creates administrative outsourcing and accounting services for asset managers, custodian banks and other financial providers. The platform offers

Its Archimede solution offers a management system of open-end and closed-end investment funds, with tools for investor management, NAV calculation, compliance and regulatory monitoring. In addition to this service, the company offers Diogene, a solution designed to manage activities of a custodian in the fund management.

The remaining offerings from Algorfin is its Governance platform, which enables asset managers to conduct checks which are required by the European UCITS V regulations.

Milan-headquartered Objectway develops a wide range of financial software for banks, advisors, wealth and asset managers and insurance firms. Its tools can support institutions with their processes including portfolio management, risk analysis, investment compliance, client onboarding, communication and reporting, tax, regulatory reporting, financial planning, and compliance reporting, among others.

To support the transaction, Objectway partly financed the deal with the support from UBI Banca and Unicredit.

Unione Fiduciaria managing director Filippo Cappio said, “Unione Fiduciaria has identified in Objectway a solid and reliable partner to pass the baton for the development of the Algorfin business. With this sale, the process of focusing on fiduciary activity, the company’s core business, continues and accelerates. This operation allows Unione Fiduciaria to invest additional resources for expansion and thus continue a path already started several years ago.”

Following this acquisition, Objectway has reached around €75m of annual consolidated revenues.

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