Dragonfly Exits as FIS Acquires Leading Digital Banking Tech Provider
Deal News | Nov 05, 2024 | One Equity Partners
One Equity Partners (OEP), a middle market private equity firm with a focus on the industrial, healthcare, and technology sectors, has announced the completion of its sale of Dragonfly Financial Technologies to FIS, a global leader in financial technology. The financial terms were undisclosed. Dragonfly Financial Technologies, formerly ACI Digital Business Banking Solutions, was acquired by OEP in a carveout from ACI Worldwide. The company, subsequently rebranded, has established itself as a leader in the digital banking technology space, serving over 1.4 million businesses, including top banks in the U.S. and the Asia Pacific region. This sale marks a successful exit for OEP, which supports transformative business combinations. Both OEP and Dragonfly's management have praised their strategic partnership, highlighting the growth and resilience achieved by Dragonfly in challenging markets. OEP has a prolific transaction history with over 400 deals completed since its inception and maintains offices in New York, Chicago, Frankfurt, and Amsterdam. This acquisition underscores FIS's strategy to bolster its digital offerings across key global markets.
Sectors
- Private Equity
- Financial Technology
- Digital Banking
Geography
- United States – The article mentions Dragonfly's services affecting major U.S. banks and OEP's operation presence in the U.S.
- Asia Pacific – Dragonfly has a significant market presence with top banks in the Asia Pacific region, including countries such as Singapore, Hong Kong, and New Zealand.
- Europe – One Equity Partners, the private equity firm, also operates in Europe, with offices in Frankfurt and Amsterdam.
Industry
- Private Equity – The article involves a private equity firm, One Equity Partners, which played a pivotal role in acquiring and subsequently selling Dragonfly Financial Technologies.
- Financial Technology – Dragonfly Financial Technologies, the focal company in this article, operates within the financial technology space, providing digital business banking solutions.
- Digital Banking – The core services offered by Dragonfly Financial Technologies pertain to digital banking solutions for institutions.
Financials
- Not disclosed – The sale price or terms of the transaction between One Equity Partners and FIS were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| One Equity Partners | Seller | Company | Middle market private equity firm focusing on transformative business combinations. |
| Dragonfly Financial Technologies | Target Company | Company | Provider of digital business banking and cash management solutions. |
| FIS | Buyer | Company | Global leader in financial technology, the acquirer of Dragonfly. |
| ACI Worldwide | Vendor Parent Company | Company | The parent company from which Dragonfly was carved out by One Equity Partners. |