Itiviti: building a global force in the capital markets industry | Nordic Capital
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Itiviti: building a global force in the capital markets industry

When Nordic Capital acquired Itiviti in 2012, it was as a special financial software provider with focus on advanced trading. The acquisition marked a starting point of a full transformation of the company – resulting in a leading global force in the capital markets industry.

Growth, transformation – and global leadership

Itiviti did not start as Itiviti. In 2012, The company’s name was Orc Group, listed at Nasdaq OMX Stockholm. Orc offered technology and services to the international financial industry with focus on trading, market making and brokerage. But Nordic Capital identified a significant potential for the business – and to expand on a global scale.

Nordic Capital acquired Orc through a recommended public tender offer, and the transformation journey began. Significant technology investments were made paired with a carefully crafted technology acquisitions strategy. Recourses were set up to strengthen R&D capabilities, product development, and a new organizational framework to better meet the capital markets future needs.

Two years later another milestone was reached; Itiviti implemented a transformational merger with Ullink – a best in class platform for cash equity and derivates trading solutions.

This merger marked a new phase in the transformation with strengthened focus on commercial excellence. A new management team was recruited, which accelerated growth with the support by Nordic Capital’s expertise and 25-year track record of successfully building cutting-edge technology businesses.

The result was clear: Significant sales growth, increased customer satisfaction – and even stronger demand for Itiviti’s leading products that was used by every day in the global capital markets industry.

After nine intensive years in Nordic Capital’s active ownership, Itiviti was ready to enter the next phase of the growth journey. In 2021, Itiviti was successfully divested to Broadridge, a global fintech leader listed on the New York Stock Exchange. The two companies joined forces to further enhance its capabilities.

Nordic Capital’s almost decade-long story of Itiviti is a true success story. It is a story of how a niche player became a global force in the capital markets industry – and a story that continues in a new context.

Check Icon Bronze Name: Itiviti

Check Icon Bronze Sector: Technology & Payments

Check Icon Bronze Business: A leading provider of trading technology and services to financial institutions worldwide

Check Icon Bronze Geography: Sweden (HQ), global customer base

Check Icon Bronze Investment date: 2012

Check Icon Bronze Exit date: 2021

Rob Mackay, CEO, Itivity from 2018 to 2021, tells about the journey together with Nordic Capital

How would you describe the partnership with Nordic Capital?
"The partnership with Nordic Capital has been instrumental to Itiviti’s success. Nordic Capital has a long-term approach, they are curious, supportive and interested in the opportunities available to Itiviti. They are keen to invest to further support Itiviti’s growth. In short, an inspiring environment for me as a CEO and for the whole company."

How did Nordic Capital support you – what are your clearest examples?
"The business was accelerating during Nordic Capital’s ownership with many opportunities in the marketplace. Working with Nordic Capital meant we were able to seize these opportunities and invest and grow faster every day. Operationally, Nordic Capital supported Itiviti in a number of areas. HR is a good example; purchasing is another one where we leveraged Nordic Capital’s strengths. But we got excellent support in many other areas of the business as well."

From your perspective, is there anything that makes Nordic Capital unique as a private equity firm?
"Yes, there is at least one clear and important difference. A lot of private equity firms are focused on achieving efficiencies and leveraging cash flows. Nordic Capital has been very focused on growth and investing to accelerate growth, and that has been a wonderful experience for the whole Itiviti team."