United Fintech has made its plans for a multi-stage acquisition of US-based Athena Systems public. The company continues its rapid expansion aiming to become the global banking industry’s ‘one-stop-shop’ for capital markets products
This is United Fintech’s fourth acquisition in fourteen months. The fintech firm has broaden its scope to target an asset management industry in urgent need of technological innovation.
United Fintech has already obtained a 25% stake in Athena Systems as a first step. The amount for the transaction was not disclosed. However, the company confirmed that it plans to secure another 26% in two years and the remaining 49% in three. Athena Systems, its clients and employees will be onboarded onto United Fintech’s digital platform.
With offices in US, Spain and Vietnam, Athena provides services to asset managers and hedge funds around the world. Its software Athena Spark, provides the full life-cycle of software planning, development, implementation and training.
According to United Fintech CEO Christian Frahm, Athena fits with his strategy of acquiring attractive Capital Markets software products ready for scaling and global roll-out on United Fintech’s platform.
From early conversations with founders Luis Otero, Steano Guarnieri and Scott Sykowski, key staff as well as core clients, it was clear to us that Athena Systems has amazing technology, world class people and in-depth technical understanding of their customers’ needs. Making Athena part of United Fintech felt like a great match from day one and we are convinced we can scale the Company globally and together become leaders in the space within the next 3-4 years.
A fintech ‘one-stop-shop’
Earlier in November, United Fintech revealed the acquisition of London-based FairXchange. Over the next few years, United Fintech aims to carry out strategic acquisitions of ready-to-scale fintech firms with recognised Capital Markets products, positive cash flow and growth potential.
The company has highlighted its plans to build a fintech ‘one-stop-shop’ that global banks and financial institutions can benefit from. United Fintech’s goal is to help big banks and financial institutions accelerate the implementation of digital technology.
The acquisition of Athena Systems adds a new product offering to United Fintech within asset management to roll out across its platform.
Luis Otero, CEO of Athena Systems, said:
Luis Otero Source: LinkedIn
United Fintech has the vision of creating a financial services network to serve all the biggest banks and institutional funds with a set of tools that will allow them to perform all kinds of activities without the need of any other provider and as you can imagine, this is a great opportunity for all of us. We are now part of a bigger company whose purpose is to help us scale and convert Athena into the best POMS provider in the world.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.