DIFC to take over UK's SmartStream

13 November 2007

Dubai: DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), and TA Associates, a leading growth private equity and buyout firm, yesterday announced that DIFC Investments has agreed to acquire SmartStream Technologies (SmartStream), the UK-based software lic-ensing and professional services business.

DIFC Investments will acquire SmartStream from TA Associates, SmartStream management and employees in an all-cash deal, which values the company at approximately 200 million.

The management team will be incentivised to continue SmartStream's development as a leader in the industry.

"This acquisition enhances the DIFC's role in the global financial services industry and further establishes the DIFC as a global gateway for international financial business," said Dr Omar Bin Sulaiman, chairman of DIFC Investments.

DIFC Investments aims to create a new generation of hosted information and trade processing services, and its intention is that SmartStream will be at the heart of the trade processing and data management platform it is building.

"We are pleased to acquire SmartStream, a recognised global leader in the development of transaction lifecycle management software used in the back and middle office of many of the world's leading banks, asset managers, hedge funds and money managers. It has excellent products, a committed management team and exciting plans for future development," said Bisher Barazi, managing director of DIFC Investments.

The transaction is expected to close in approximately one month from now.

DIFC was advised on the transaction by Deutsche Bank while Close Brothers advised SmartStream and TA Associates.