Objectway acquires IT services specialist Algorfin
Today, Objectway, a leading Italian fintech company headquartered in Milan, announced the acquisition of Algorfin, the software and services subdivision of Unione Fiduciaria. Algorfin specialises in IT and administrative outsourcing services for Asset Management Companies, Custodian Banks and other financial operators, through the Archimede, Diogene and Archimede Governance software platforms.
The Archimede platform is an end-to-end and closed-end management solution, which includes investor management, NAV calculation, compliance and any type of regulatory compliance required. Following the acquisition, over 100 high-skill tech staff from Algorfin will transfer to the Objectway group.
"This is a significant acquisition for our Group” said Luigi Marciano, CEO of Objectway, “as it consolidates our position as leader in the Italian market for Banks, Asset Management companies, Brokers and Custodian Banks, with a comprehensive offer that covers their application needs and opens new growth opportunities in Italy and other markets."
Filippo Cappio, Managing Director of Unione Fiduciaria said "Unione Fiduciaria has identified in Objectway a solid and reliable partner to pass the baton for the development of the Algorfin business. With this sale, the process of focusing on fiduciary activity, the company's core business, continues and accelerates. This operation allows Unione Fiduciaria to invest additional resources for expansion and thus continue a path already started several years ago."