27 April 2010, London – Advent International, the global private equity firm, today announced that David Yates has joined the firm’s Operating Partner Programme to advise on investment opportunities in the financial services sector, with a particular focus on payments and transaction processing. David will work with Advent’s deal team in London, supporting the firm’s investment activities globally.
David previously spent six years at First Data Corporation, most recently as President of First Data International, where he had executive management responsibility for all of First Data’s activities outside the U.S. including the merchant acquiring, merchant transaction processing, issuer processing and ATM network solutions business units.
David led First Data International through a period of rapid growth, trebling business volumes and extending the company's presence into new markets through organic growth as well as acquisitions and strategic alliances with leading payments processors in Argentina, Germany, Greece, India, Ireland, Netherlands, Poland and the Baltics.
Prior to First Data, David held senior management positions with a number of major international corporations, including IBM, General Electric and American Management Systems. While at American Management Systems, David managed the firm's New York-based financial services consulting business before returning to Europe to provide processing, implementation and consulting services to leading financial institutions and major telecom operators.
James Brocklebank, Managing Director and Head of Advent’s financial services sector team in Europe, said "For over 20 years David Yates has been creating value in payments, IT, and banking with a demonstrable track record in building global businesses. David’s insights and wealth of international experience will be highly valuable to Advent as we seek further investment opportunities in the sector."
Commenting on his new role, David Yates said, "I am pleased to join the Advent team and help them leverage their unique presence worldwide to pursue new opportunities in the financial services, payments and transaction processing industries globally. Advent has a long track record of success in financial services, including an unparalleled track record in payments, and I believe we can combine our respective areas of expertise to find and execute new transactions in the sector.”
Advent International has been investing in the financial services sector for over 20 years and has backed more than 30 companies in a broad range of subsectors including payments, transaction processing and financial technology. Payments represents a particular focus for Advent with deals including:
• Fifth Third Processing Solutions, the 2009 carve-out of the 4th largest merchant acquirer and a leading EFT processor in the US;
• Monext, formerly Experian Transaction Processing, a leading card processor in France which was sold to Crédit Mutuel Arkéa in 2010;
• Euronet, an independent ATM service provider, which went public on Nasdaq;
• CSU CardSystem, Brazil’s largest independent credit card administrator, which went public on BOVESPA;
• DolEx, a leading money transfer business that was sold to Global Payments in 2003;
• PaySys, a leading provider of transaction processing software which was sold to First Data Corporation in 2001;
• CCS, a leading Czech fuel card processor, sold to FleetCor in 2006.
Transaction processing investments include:
• Equiniti, the leading UK share registrar and employee share plan administrator, in 2007;
• Xafinity, a leading UK pensions services business, in 2010;
• CETIP, the leading CSD for fixed income and OTC derivatives in Brazil, which went public in Brazil in 2009.
Financial technology investments include:
• BondDesk Group, a leading trading system for retail fixed-income investors, in 2006;
• Sophis, a leading derivatives trading and risk management software vendor, in 2007