Financial solutions provider Profile Software has snapped up asset and fund management solutions provider Euronext Centevo for an undisclosed sum.

Under the agreement, Profile will purchase 100% of Euronext Centevo as the latter looks to offload non-core operations.

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Euronext bought Stockholm-based Centevo in 2019 as part of the takeover of Oslo Børs VPS.

Profile CEO Evangelos Angelides said: “The financial services market in the Nordics has always been a strategic priority of ours due to its long tradition in the areas of asset and fund management. Today, we are integrating with a leading company in the Nordics that has a loyal client base.

“We would like to thank Euronext for this transaction which also initiates the future co-operation between Euronext and Profile.”

Centevo caters to more than 65 of the largest asset and fund managers and banks in the Nordics. This covers Norway, Sweden Denmark and Finland.

It offers solutions in asset management, fund management, trust management as well as family office. At the same time, it provides API connection gateways to large local banks.

According to Profile, the solutions offered by Centevo are complementary to its portfolio and offers new sales opportunities in terms of territories as well as product enhancements.

In addition to its Stockholm base, Centevo has a fully operational branch in Oslo, Norway. The firm, with a workforce of 45, reported revenues of €5.5m in 2020.

Euronext said that the deal will boost its EBITDA margin by 0.4 points.

Commenting on the acquisition, Euronext Centevo CEO Leif Arnold Thomas said: “Out of this deal, we see a lot of complementarities and synergies for the benefit of our clients.

“As part of the transaction, Centevo and Euronext VPS will maintain their existing relationships, avoiding any disruptions to Centevo’s clients.”

In 2017, Profile agreed to acquire French firm Login SA, a specialised provider of financial treasury software.