Carlyle to Sell Calastone to SS&C in $1B Fintech Deal - InforCapital

Carlyle has agreed to sell Calastone, the global fund network and fintech platform, to SS&C Technologies for approximately £766 million (around $1.03 billion). The deal is expected to close in Q4 2025 pending regulatory approvals.

Founded in 2007 and based in London, Calastone serves over 4,500 clients across 57 countries, automating investment fund trading and settlement. Under Carlyle’s ownership since 2020, Calastone has significantly grown its international reach, enhanced its product suite to support ETFs and tokenised funds, and optimized operational efficiency.

This transaction reflects the current trend of private equity and fintech deals:

• SS&C Technologies continues aggressive expansion—acquiring Calastone follows its 2018 takeover of Eze Software from TPG for $1.45 billion and the 2018 purchase of Intralinks for $1.5 billion.
• In January 2025, Carlyle explored a potential sale of Calastone at a valuation above £600 million, reflecting strong sector multiples (~20× EBITDA).
• SS&C itself was previously acquired by Carlyle in 2005 for approx. $942 million, before going public again.

Other similar fintech acquisitions include:

• ION Group: Carlyle took a minority stake in 2016 (about $400 million), acquiring software platforms like Dealogic, Fidessa, and Acuris.
• Francisco Partners: Bought diverse tech assets such as The Weather Company (IBM) and Sumo Logic in deals ranging from hundreds of millions to over $2 billion.
• Clearlake Capital: Co-led acquisition of Chelsea FC in 2022 for approx. $3 billion—demonstrating PE interest crossing into fintech adjacent and digital platforms.

By selling Calastone to SS&C, Carlyle is both realizing gains on a high‑growth fintech and aligning the asset with a strategic buyer specialized in fund administration and technology. The deal highlights how fintech platforms with strong network effects and recurring revenue profiles are commanding premium valuations in today’s M&A landscape.