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Financial Software & Systems To Raise Funds Through PE [DealCurry (India)](DealCurry (India) Via Acquire Media NewsEdge) NEA backed payment systems firm, Financial Software & Systems is in talks with global PE firms like Carlyle, Apax, Blackstone and TPG to raise about $60 Mn to fund its growth and expansion plans.When New Enterprise Associates and Jacob Ballas Capital India had invested $30 Mn in the company in 2010 the firm was valued at $15 Mn. The deal likely to be concluded by April-May this year is seeking a valuation of $350 Mn.The entry of the two saw Carlyle's exit which had invested in 2001in the company. Carlyle had totally invested $12.25 mn in FSS – $2.25 mn in October 2000 and $10 mn in the second round in April 2004, when the valuation of FSS was around $25 mn.Financial Software and Systems (FSS) is a global payment systems company, offering services in the areas of electronic payment, financial transaction processing solutions and services. With its presence in Australia, Canada, Europe, Middle East, Singapore and US, FSS employs over 1,500 professionals serving more than 100 companies worldwide, including public and private sector banks, financial institutions and payment processors.FSS has two business segments-The company expects to post revenues of R700-725 Cr this fiscal higher than R560 Cr it recorded in last fiscal.The payment solution companies have been attracting a lot of investors. Recently, Mswipe had raised series B round from Matrix Partners and Axis Bank; Citrus Payment Solutions had received a $5.5 Mn funding from econtext Asia and Beenos Asia; ICICI Ventures had invested R140 Cr in BTI Payments. (c) 2014 EagleEye Research & Media Pvt. Ltd. All rights reserved. Provided by Syndigate.info, an Albawaba.com company |