LONDON/MILAN (Reuters) - A consortium of buyout fund Apax and digital services firm Reply has dropped out of the auction process for Italian banking software firm Cedacri, two sources told Reuters, leaving three bidders vying for control of the 44-year old business.
Dublin-based software and financial-data provider ION, led by Italian businessman Andrea Pignataro, is the third bidder left in the process, the sources said.
Private equity fund Apax had teamed up with Reply to provide industry expertise but its bid failed to progress, the sources said.
The company, led by boss Corrado Sciolla, is backed by Italian state-backed fund FSI, with a 27% stake, and by another 14 financial institutions including Unipol and Banca Mediolanum.
Its investors hope to take advantage of whopping valuations for fintech assets and could receive binding offers valuing the company at between 1 and 1.5 billion euros, the sources said.
Andrea Pignataro, Cedacri, Apax, Corrado Sciolla
Reuters, Accenture, Engineering, Bain Capital, ION, Deutsche Bank, Unipol, Banca Mediolanum
MILAN, Dublin, Italian, Parma