M&A Deal Summary

Primary Capital Acquires Rhyme Systems

On November 1, 2003, private equity firm Primary Capital acquired software company Rhyme Systems from Finastra for 20M GBP

Acquisition Highlights
  • This is Primary Capital’s 1st transaction in the Software sector.
  • This is Primary Capital’s 8th largest (disclosed) transaction.
  • This is Primary Capital’s 9th transaction in the United Kingdom.
Investment Fate
  • Rhyme Systems was sold to a publicly-traded strategic buyer in 2006 for 28M GBP.

M&A Deal Summary
Date 2003-11-01
Target Rhyme Systems
Sector Software
Buyer(s) Primary Capital
Sellers(s) Finastra
Deal Type Divestiture
Deal Value 20M GBP

Target

Rhyme Systems

London, United Kingdom
website
Rhyme Systems Ltd. is a UK asset management backoffice operations software company, providing investment management and post trade clearing and settlement systems.

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Buyer(S) 1

Buyer

Primary Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1994
PE ASSETS 700M GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Primary Capital is a private equity firm focused on management buyouts and buy-ins of mid-market companies with an enterprise value of £20 - £100 million. Primary looks for opportunities across Europe but concentrates primarily on businesses located in the UK and Germany. The Firm looks to invest £10 to £44 million of equity or equity-related capital per transaction. Target sectors include consumer products/services, business & support services, financial services, IT services, software, and industrial products/services. Primary was formed in 1994 and is based in London.

DEAL STATS #
Overall 11 of 33
Sector (Software) 1 of 2
Type (Divestiture) 1 of 4
Country (United Kingdom) 9 of 31
Year (2003) 4 of 4
Size (of disclosed) 8 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-01 YO! Sushi

London, United Kingdom

YO! Sushi is a chain of conveyor belt Japanese restaurants offering 'sophisticated fast food'. YO! Sushi was founded in 1997 and is based in London, United Kingdom.

Buy £10M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 becom Informationssysteme

Schwerte, Germany

becom Informationssysteme GmbH is a reseller of IBM hardware, software and services.

Sell -

Seller(S) 1

SELLER

Finastra

London, United Kingdom

website

Category Company
Sector Software
DESCRIPTION

Finastra is a financial services technology company providing a broad portfolio of banking, capital markets, investment management and risk solutions to the financial services industry. The Company’s corporate banking, retail banking, investment management, managed services, and treasury and capital markets solutions enable customers in financial services to deploy mission-critical technology that allow them to improve operations and mitigate risks. Finastra serves more than 9,000 customers in 130 countries, including 48 of the top 50 banks globally. Finastra was formed in 2017 and is based in London, England.

DEAL STATS #
Overall 1 of 2
Sector (Software) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-08-23 Financial Options Group

Lancashire County, United Kingdom

Financial Options Group provides financial assistance.

Buy £40M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-18 Misys Healthcare

United States

Misys Healthcare LLC is a provider of application software and services to the healthcare industry.

Sell -
Mergr

Product

Company

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