United Fintech announced on Wednesday that it is acquiring US-based Athena Systems, which will be the fourth company to be added to its portfolio.
The acquisition has been structured to be a multi-stage one: United Fintech will first acquire a 25 percent stake in Athena first, then it will purchase another 26 percent over the next two years and the remaining 49 percent in the next three years.
However, neither of the two companies have disclosed the financials involved in the acquisition deal.
“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 [an] in-depth technical understanding of their customers’ needs,” said Christian Frahm, the Founder and CEO of United Fintech.
“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.”
Athena offers a full life-cycle of software planning, development, implementation and training services to asset managers and hedge funds. It is operating out of offices in the United States, Spain and Vietnam.
With the completion of the acquisition, all of Athena’s clients and employees will be onboarded onto United Fintech.
“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,” said Luis Otero, the CEO of Athena Systems.
Acquisition and Scaling
United Fintech was launched in November 2020 with an aim to acquire fintech companies and then scale them up. Apart from the recent acquisition, the holding company already purchased stakes in FairXchange, NetDania and TTMzero.
“Banking and buy-side tech is starting to overlap, and we are seeing very similar existential challenges,” Frahm said on the latest acquisition.
