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Cerberus Capital Management to acquire Regulus Group and J&B Software from 3i Infotech Financial SoftwareMay 16, 2011 (Datamonitor Financial Deals Tracker via COMTEX) -- 3i Infotech Financial Software, Inc., a subsidiary of 3i Infotech Limited, has signed an agreement to sell its US-based global billing and payments unit, consisting of Regulus Group and J&B Software to an affiliate of Cerberus Capital Management, L.P. for $137 million. Regulus Group is a provider of outsourced billing and payment services, while J&B Software provides payment processing, imaging, electronic content management and capture solutions. 3i Infotech is an India-based provider of software solutions and services for the banking, financial services, and insurance industries, while Cerberus Capital is a US-based private equity firm. 3i Infotech Financial Software had acquired J&B Software in 2007 and Regulus Group in 2008, and the companies were integrated to form global billing and payments unit of 3i Infotech. Raymond James & Associates, Inc. is acting as financial advisor and Alvarez & Marsal Transaction Advisory Group is acting as accounting advisor to 3i Infotech for the transaction. The transaction is expected to be complete in July 2011. Deal Value (US$ Million) 137 Deal Type Private Equity Sub-Category Institutional Buy-out (IBO) Deal Status Announced: 2011-05-16 Deal Participants Target 1 (Company) J&B Software, Inc. Target 2 (Company) Regulus Group, LLC Vendor (Company) 3i Infotech Financial Software, Inc. Deal Rationale The divestment reduces the leverage and strengthens the balance sheet of 3i Infotech and enable 3i Infotech to go back to its roots as a significant IT products and services player. |