Exponent Private Equity has acquired Fintrax Group for €170m, welcome news for the firm whose sale of thetrainline.com recently fell through.
Originating in Ireland, Fintrax specialises in multi-currency payments, VAT refunds and credit card processing. Since being founded in 1985, Fintrax has expanded across 26 countries, employing over 400 people. It was purchased by Exponent from majority shareholder the Barry Family Trust and management.
Exponent will back Fintrax's current management team in their expansion, while adding former Dell executive John Moore as chairman.
The deal comes less than a month after Exponent shelved the sale of train ticket website thetrainline.com after bids failed to meet the firm's expectations. Second-round bidding for the company peaked at £250m (€318.3m), significantly below the £400m Exponent was hoping for.