MILAN (Reuters) – IT consultancy Accenture and international fintech firm ION Group are among four bidder groups that have made indicative bids for Italian banking software and back-office group Cedacri, two sources told Reuters.
Italian IT service provider Engineering, backed by Bain Capital, is also competing for control of Cedacri along with the private equity fund consortium Apax and Italian digital services group Reply, said the source, who spoke on condition of anonymity as the matter was personal.
Cedacri and the bidders declined to comment.
Cedacri, who was advised by Deutsche Bank, aims to identify the preferred bidder by the end of the year, the sources said, adding that the deal is worth more than 1 billion euros ($ 1.19 billion).
Cedacri is supported by the Italian state-backed FSI fund, with a 27% stake, and by 14 other financial institutions including Banca Mediolanum, Gruppo Banco Desio and Unipol.
The sale is still in its early stages but discussions are expected to gain momentum in the coming weeks, the sources said.
The Italian daily Il Sole reported earlier on Wednesday that Cedacri was initially exploring an initial public offering (IPO) but its focus has gradually shifted to selling a majority stake.
The company, based in the northern Italian city of Parma, reported revenues of 383 million euros in 2019, with adjusted core profit of 81.2 million euros, up 50% compared to 2018.
Reporting by Elisa Anzolin; editing by Pamela Barbaglia, Kirsten Donovan