Private equity firm Apax Partners is reportedly the leading candidate to acquire Finastra’s treasury and capital markets (TCM) business for approximately $2 billion, including debt. This information comes from sources familiar with the ongoing auction process managed by Vista Equity Partners, Finastra's majority owner.

Final bids were recently submitted, and Apax is now viewed as the frontrunner to secure the deal. An agreement could be finalized soon, pending the resolution of negotiations and financing arrangements. However, there is no certainty that Apax will be the ultimate buyer, as other interested parties could still emerge.

Finastra, based in London, was established in 2017 when Vista Equity Partners took Canadian payments technology provider D+H Corp private for C$4.8 billion and merged it with Misys, a banking software company it already owned. The TCM unit of Finastra offers software solutions that assist financial institutions in processing trades and managing risk and compliance.

Despite a general slowdown in deal-making activity due to market volatility—exacerbated by U.S. trade tensions—certain sectors, particularly financial software, continue to attract investment. For instance, KKR recently announced a $3.1 billion acquisition of OSTTRA, a company that provides software for post-trading tasks.

Both Apax and Vista have declined to comment on the ongoing negotiations, and Finastra has not responded to requests for comment.