Cedacri, Italian leader in the IT services outsourcing market for banks and financial institutions, as well as the third Core Banking IT platform in Italy, closed the acquisition of CAD IT, in turn the first Italian operator in the supply of application software and services for the Finance Area of banks, public administration and industry.
In line with what was already communicated on 28 June 2019, the transaction was completed through the acquisition of Quarantacinque SpA, a vehicle that holds 88% of the investment in CAD IT.
Thanks to this operation, the second since the entry of the FSI fund and announced four months after the acquisition of the leader in OASI anti-money laundering and supervisory reporting IT solutions and services, Cedacri decisively strengthens its positioning in the 'IT outsourcing in the Finance area, in which CAD IT boasts a 90% market share in the domestic marketas well as presence in other European markets.
Cedacri was assisted by Vitale as Financial Advisor and by Gattai Minoli Agostinelli & Partners as Legal Advisor. The dal Cortivo family was assisted by Banca IMI as financial advisor and by the Legance studio as legal advisor.
UBI Banca acted as Global Coordinator, Bookrunner and Agent for the structuring and syndication of a medium-long term loan transaction in favor of Cedacri Spa aimed at the acquisition. In addition to UBI, Mediobanca, Unicredit, BNL, Crédit Agricole Italia, Banca Mediolanum, Cassa di Risparmio di Cento, Iccrea BancaImpresa, BCC Banca di Verona, BCC Rivarolo Mantovano, Sparkasse, Banco BPM, Banco di Desio e della Brianza participated in the pool and BPER Banca.
For the loan agreement, Cedacri was assisted by Allen & Overy, as Legal Advisor, the banks were assisted by Gattai Minoli Agostinelli & Partners.
