Fibonacci strengthens its position with the acquisition of Gruppo Quid from Equinox

Fibonacci, controlled by funds managed by Apax Partners LLP, has acquired Gruppo Quid and its subsidiary Cabel from Equinox, marking a significant development in the market for financial software. Gruppo Quid, based in Florence and established in 1987, specializes in cloud-native software for financial institutions, supporting products such as consumer credit, business loans, and mortgages. In 2023, Quid had acquired a majority stake in Cabel Industry, a company focused on core banking solutions and Banking-as-a-Service (BaaS). The acquisition aligns with Fibonacci's strategy to strengthen its position in financial software, and the company now boasts over 1,500 specialized employees and revenue exceeding 210 million euros. The strategic move is part of Apax Partners' vision to establish a leading financial software provider in Europe, aiming to serve specialty finance, consumer finance, and banking clients. This acquisition complements Fibonacci’s previous acquisitions like OCS and Finwave, and the formation of altermAInd with illimity, doubling the group's capabilities. Andrea Pettinelli, CEO of Gruppo Fibonacci, emphasized investing in innovation, while Stefano Bertoli, CEO of Quid and the new Chairman of Fibonacci, highlighted synergies between their assets. Equinox's partner, Andrea Bovone, sang praises for the successful collaboration with Quid, pointing out the management's innovative approach and technological expertise that contributed to the company's substantial growth.