Creating a business of scale through a carveout and day-1 combination

OCS / Finwave

  • Technology
  • Year of investment
  • Fund
    Apax XI
  • Status

In August 2023, Apax XI invested in OCS, an Italian consumer finance software provider servicing Italian banks and financial institutions.

Concurrent with the transaction, Apax XI also acquired the proprietary fintech and credit management software division Finwave from Lutech, an Apax X portfolio company, and combined it with OCS.

The combination of OCS and Finwave creates a €100 million revenue European financial software platform of scale. Together, the companies will leverage their collective expertise and talent to accelerate the development of innovative software solutions to support the evolving needs of financial institutions and operators. As a combined group, OCS and Finwave will be better positioned to serve their customers in Italy and internationally, with a large offering covering consumer finance, corporate finance and capital markets software and solutions.

Both OCS and Finwave are considered “hidden gems”, with Apax XI acquiring them at Italian mid-market valuations. There is therefore significant scope to drive a re-rating closer to European financial services technology providers at exit.


“The combination of OCS and Finwave will create a truly unique, European financial software platform of scale, with huge potential for future growth.”
Gabriele Cipparrone | Partner at Apax

Why is this an Apax Funds’ deal?


Software is one of Apax’s main subsectors where the Funds have a strong track record, having deployed c.$7.6bn across 27 deals.

Complex carveout

Complex carveout and day-1 combination: OCS was acquired from founders and a sponsor whereas Finwave was carved out of Lutech, an Apax X portfolio company.

Market experience

Apax has strong market experience in Italy with past investments in Engineering and Lutech.

Value creation

Mid-market deal with multiple levers of value creation, including tech modernisation, greater scale and diversification of the combined group.