Apax Partners buys into Odyssey Asset Management Systems

Odysssey Asset Management Systems, the supplier of wealth management solutions and market leader in Europe, has sold a significant but undisclosed stake to Apax Partners making the private equity house the second largest shareholder after founder Antoine Duchateau. The vendor is unable to state what proportion of the company has been transferred or the identity of the seller but is enthused by its immediate growth prospects with Apax's brand, expertise and capital behind it. Odyssey dominates the continental European wealth management business but has designs on the US and Asian markets, where its business is still growing.

Antoine Duchateau, founder and chairman at Odyssey Asset Management Systems, told stpzone.com: "The deal made sense for us because we perceive that there are still significant opportunities in the wealth management industry. Currently it is a fragmented market. There are many IT organisations currently servicing the wealth management sector and it is a constantly changing business. Apax represents a good partner and brand to have behind us as we grow the company. Their expertise and capital will be valuable as we push further into the US and Asia markets."

Apax's investment enables Odyssey to increase its efforts in these newer markets, Duchateau says. "To date, our success has been concentrated in Europe, but wealth management is increasingly a global market and we feel there are significant expansion opportunities for us in the US and Asia, particularly Japan. We are a profitable company, but if we are going to grow rapidly, we need a company like Apax behind us."

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