Paris, France April 26, 2006 The funds managed by Apax Partners France, Altamir & Cie and Amboise Investissement (« Apax ») have acquired a significant minority stake in Odyssey Asset Management Systems (« Odyssey »), a leading provider of wealth management solutions to financial institutions. Apax becomes the second largest shareholder in the company after its Chairman and co-founder Antoine Duchateau .
Apax's know-how and international network will help us continue to pursue our ambitious product development and international expansion in the Americas and in Asia , thereby expanding our leading market position beyond Europe , says Antoine Duchateau , Chairman and Founder of Odyssey. We will benefit strongly from Apax's expertise in accompanying late-stage software companies' international expansion through both organic and external growth.
Founded in 1995, Odyssey Asset Management Systems is the European leader in the provision of wealth management solutions with annual revenues of over €50 million. In 2005, the company grew over 30% and posted increasing results. Odyssey's software solutions, including its Portfolio and Relationship Manager Workstations, are designed to enable financial institutions to provide an excellent service to their clients and, in parallel, to meet their compliance obligations regarding their wealth management activity.
In 2005, the wealth management market grew to over $90 trillion in assets under management worldwide. Today, wealth managers are faced with heightened competition between financial institutions for client acquisition and retention as well as increasing sophistication and expectations on the part of their clients for customized and proactive services.
Odyssey, with its market-leading solutions, enables financial institutions to apply technology to deliver advanced investment advisory services to the affluent that were once only accessible to the extremely rich. Odyssey solutions are used by over 15,000 users at 185 client sites in 26 different countries. Over $2.5 trillions of private and institutional assets are managed with Odyssey solutions around the world. Of the top 25 European banks, 15 are Odyssey customers.
Over the past ten years, Odyssey Asset Management Systems has grown into a leading provider of wealth management systems serving leading financial institutions worldwide explains Gilles Rigal , Partner at Apax. Odyssey is a world-class company with a sizeable growth potential, and we are confident in the capacity of the management to accelerate the international expansion of the company with our support.
Apax will hold two board seats and will be represented by Gilles Rigal , Partner, and Geoffrey Leland , Senior Principal at Apax.
About Odyssey Asset Management Systems
Odyssey Asset Management Systems provides market-leading business solutions that enable our customers to improve the quality of their client service and their business performance in discretionary & advisory portfolio management, pro-active relationship management, reference data management and advanced customer reporting. Founded in Luxembourg in 1995, Odyssey has now offices in the key financial centers, including Luxembourg, Geneva, Zurich, London, Munich, Frankfurt, Hamburg, Brussels, Madrid, New York, Singapore and Tokyo. Odyssey's corporate head office and main development centre is located in Lausanne, Switzerland. Throughout this network Odyssey employs over 350 professionals. For further information, please visit www.odyssey-group.com.
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