Another leading technology company is being swallowed up in a transatlantic takeover that will underline the scale of the raid on some of Britain’s most promising companies.
Sky News has learned that Demica, one of the UK’s largest supply chain finance providers, has agreed a deal with FIS, the New York-listed tech giant, valued at $46 billion.
Sources said on Friday the value of the deal was estimated at around $300m (£237m).
An announcement regarding the deal is expected in the coming days, they added.
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It comes a decade after Demica, which now manages around $40 billion in assets under administration, was sold to a consortium of private investors including JRJ Group, TomsCapital and 76 West Holdings.
One analyst said a sale in the range of $300 million would have crystallized a successful exit for the shareholders union.
Demica, which works with banks and large corporations to finance working capital, has seen steady growth in recent years, with compound annual growth in assets on its platform of 40% since 2016.
Its banking partners include HSBC, Lloyds Banking Group and Standard Chartered.
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“These figures reflect Demica’s position as a long-term partner to institutions in this sector, supporting sustained growth as the global appetite for supply chain finance continues to grow,” said Matt Wreford, CEO of Demica, earlier this year.
“More and more commercial banks are viewing our technology as a way to deliver increasingly innovative products and services to their clients, while our corporate clients benefit from the scale and flexibility of liquidity that has been more needed than ever in 2024.”
The takeover of another leading UK fintech comes during a period of growing scrutiny over the scale of technology ownership shifting to foreign firms.
A Demica spokesperson said the company does not comment “on rumors and speculation”, while FIS could not be reached for comment.