Nordic Capital to Acquire Majority Stake in Zafin, Elevating its Role in SaaS Core Modernization

In a strategic move, Nordic Capital has entered into an agreement to acquire a majority share in Zafin, a prominent provider of SaaS core modernization and transformation solutions for global financial institutions. This investment, conducted in collaboration with Zafin’s founders and management team, aims to propel the company’s growth and advance its product and platform roadmap.

Zafin stands out as an industry leader with its innovative approach to bank core modernization. The company’s core SaaS platform facilitates the extraction of products and pricing information from multiple core systems. This allows users to collaboratively design and manage relationship pricing, products, and packages, including personalized propositions. Zafin’s platform empowers banks to dynamically respond to evolving customer and market needs across their entire core system footprint, ensuring regulatory compliance, transparency, and operational control. 

The strategic partnership with Nordic Capital is anticipated to accelerate Zafin’s global presence and solidify its position as a frontrunner in banking technology solutions. Nordic Capital, leveraging its expertise, experience, and resources, aims to support Zafin in simplifying bank core modernization and delivering tangible business results for financial institutions worldwide. 

Al Karim Somji, CEO of Zafin, expressed enthusiasm about the partnership, stating, “With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.” 

Nordic Capital, a renowned technology investor with over 30 years of experience, has successfully accelerated the growth of numerous innovative technology companies globally. The partnership with Zafin aligns with Nordic Capital’s commitment to supporting companies in the technology sector and leveraging its operational team, expertise, and industry relationships. 

Mohit Agnihotri, Partner at Nordic Capital Advisors, highlighted Zafin’s impressive track record and positive customer feedback, emphasizing the belief that Zafin will set the gold standard in bank IT modernization efforts. The collaboration aims to usher in a new phase of growth for Zafin, leveraging Nordic Capital’s operational capabilities and extensive sector relationships. 

The terms of the transaction were not disclosed, and the completion of the deal is expected in Q1 2024, subject to customary closing conditions. 

Goldman Sachs & Co. LLC served as the exclusive financial advisor to Zafin, and Fasken Martineau DuMoulin LLP provided legal counsel for the transaction. The partnership signifies a significant stride in the evolution of Zafin as a key player in the SaaS core modernization space, with Nordic Capital as a strategic partner poised to contribute to its global expansion.