New York, NY - November 27, 2000 - Financial Technologies International (FTI), the leading provider of real-time business information solutions for the financial services industry, announced today the completion of a private equity funding totaling $52.75 million. The investor syndicate, which was led by The Chatterjee Group, included premier organizations such as Credit Suisse First Boston (CSFB), Deloitte Consulting and Deutsche Bank AG, reinforcing FTI's strategy to become the world’s foremost provider of solutions to the financial services industry. The round was expanded from its initial target of $35 million to accommodate the surplus of investor demand.
"The size of the investment, in this time of extreme market volatility, from a group of market-leading companies is the strongest validation that our solutions are at the nexus of the industry’s T+1 (trade-date-plus-one-day settlement) and digital economy transformation," explains Predrag Dizdarevic, FTI's President and CEO. He adds, "With this funding we will aggressively increase the momentum with which we execute our strategy."
FTI will use the funds to expand its global presence and accelerate the integration and development of internet technology components to advance its T+1 and e-commerce solution sets; aggressively expand its worldwide marketing and sales reach; strategically increase its worldwide alliance program; and move into the BSP (Business Service Provider) and ASP (Application Service Provider) business models. These initiatives are expected to fuel the Company's core growth rate, which has been in excess of 50% in recent years.
What Some of the Investors Are Saying
The lead investor in this round is The Chatterjee Group (TCG), a private investment and money management firm with over $1 billion under management. Dr. Purnendu Chatterjee, Chairman of TCG states, "As an investor in several top-tier technology companies, we recognize FTI’s unique position and consider its solutions to be comprehensive and leading edge. FTI is uniquely positioned to assist financial institutions in coping with accelerating changes in the industry which are being driven by the Internet, deregulation and globalization."
FTI is very pleased to have investments from three clients, including Deutsche Bank AG. Each company is utilizing FTI solutions to further empower its e-business infrastructure with leading real-time financial information solutions.
"We’ve experienced first hand that FTI provides flexible, revenue producing global e-business solutions. The speed to market coupled with the provided functionality is exactly what is needed for the future of e-business in the financial services community," says Matthias Brandl, Chief Investment Officer DB eVentures, Deutsche Bank AG's strategic private equity technology investment arm. "With FTI, we are adding yet another global technology leader and partner to our portfolio."
Deloitte Consulting is FTI's preferred implementation consulting services firm. Deloitte Consulting Ventures, the venture capital arm of Deloitte Consulting, made the investment on the firm's behalf.
Jack Witlin, Deloitte Consulting's Global Financial Services Industry Leader, states, "FTI's products and services are a key element in our ability to deliver industry solutions addressing strategic processing. Getting the most out of our FTI relationship is a high priority for our Financial Services Industry practice globally. As a demonstration of our commitment to FTI's capabilities and direction, we have invested directly in the Company, the development of training materials, and the training of large numbers of consultants globally. "
Artal Luxembourg S.A. (Artal), the controlling shareholder of FTI, also participated in this round of financing. Ray Debbane, Chairman of FTI and President of the Invus Group, the exclusive investment advisor to Artal explains, "Over the years, FTI has demonstrated the technological leadership and the growth we look for as an investor. We are confident in FTI’s ability to execute on its strategy and build on its position as the leading solution provider to the financial services industry."