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Francisco picks up eFront

Francisco Partners has acquired a controlling stake in financial software solutions provider eFront in a deal worth €68m.

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Francisco Partners has acquired a controlling stake in financial software solutions provider eFront, which is listed on the Alternext Paris market of NYSE Euronext, in a deal worth €68m.

Through Francisco's acquisition vehicle EFR Holdings, the technology-focused private equity firm purchased over two million eFront shares representing 74.19 per cent of the share capital and voting rights for €18 per share. Shares were bought from CDC Innovation, Odyssée Venture and OTC Asset Management, as well as IBIM 2 and RRA Vendôme.

Following the transaction, four eFront board members have resigned and Deep Shah and Peter Christodoulo of Francisco have been brought in.

eFront provides software services to the financial sector. Clients are typically private equity houses, real estate investment firms, banks and insurance companies.