Fintech firm Options Technology, which has a major operation in Belfast, has announced a “watershed” deal with a new private equity investor.
Options, which provides IT infrastructure to the financial services industry, said the move would bring capital and strategic support to drive expansion and innovation around the world.
It added financial resources and expertise to power growth in areas like networking, cloud, security, AI and market data services.
And with Vitruvian’s backing, Options said it was “well-positioned to capitalise on new opportunities and enhance its service and product offerings to financial institutions worldwide”. It had been backed by Abry Partners since 2019.
Mr Moore, Options’ president and CEO, said: “We’re thankful for the significant support from Abry Partners, which has driven our remarkable growth in recent years.
“Now, with Vitruvian Partners, we’re excited to take the next step in our journey. Their expertise and shared vision will help us build on this foundation and continue delivering exceptional technology solutions for our clients worldwide.”
Tomer Yosef-Or, partner at Vitruvian Partners, said: “We are delighted to invest in Options, a company with a proven track record of growth and innovation in the capital markets sector.
“With our financial backing and strategic guidance, we look forward to helping Options further solidify its position as a global leader in financial technology and continue delivering innovative solutions to its customers.”
While owned by Abry, Options completed key acquisitions including Fixnetix and Activ Financial. But it said the Vitruvian deal brought a new era of growth focused on scaling operations.
Writing on LinkedIn, Mr Moore confirmed both Abry Partners and its first private equity investor, Bregal Sagemount, had now moved on but that “management overwhelmingly chose to stay invested”.
He added: “These watershed moments inevitably lead to reflection. Our firm has seen phenomenal success over the past seven years under PE ownership. It was an honour to work with Sagemount and Abry, and to serve their LPs (limited partners).
“More importantly though, we look to the future. We believe with conviction that our firm sits at a critical juncture in the technology ecosystem.
“The future is bright with powerful secular trends. The onus is on us to harness that potential.
“We are thrilled to have a partner of Vitruvian’s pedigree for the next phase of the journey.”
Jefferies International and Arma Partners were Options’ financial advisers on the deal, while Carson McDowell was legal advisors to the management team. Abry Partners was advised by Paul Hastings (Europe).
Vitruvian Partners was advised by Guggenheim Securities, and Moelis & Company as financial advisors and Freshfields Bruckhaus Deringer and Kirkland & Ellis as legal advisors.
The Options Technology investment is the second major Northern Ireland fintech deal this month. Last week, FD Technologies plc announced the sale of its First Derivative division to EPAM Systems for £230m.
Mr Moore worked at FD Technologies, formerly First Derivatives, in the early 2000s.
In its company accounts for 2023, Options reported a 20% increase in turnover to £65.6m, though pre-tax profits declined from £10.2m to £333,000.
Its workforce increased by nearly 50% from 239 to 354, largely due to the arrival of more technical staff.