Guidance
In connection with the acquisition of Viteos, Intertrust is increasing its medium-term guidance as follows:
- 4-6% underlying revenue growth year-on-year9 (increased from 3-5%);
- Adjusted EBITA margin of at least 40% for 2021 (increased from at least 38%), from at least 36% in 2019 (unchanged);
- Capex around 2% of revenue in the medium-term (unchanged) and up to 3% in early years to deliver the Centres of Excellence;
- Effective tax rate of around 21% (19% previously);
- Dividend policy and target leverage ratio remain unchanged.
Analyst call / webcast
Today, Intertrust's CEO Stephanie Miller and CFO Hans Turkesteen will host an analyst and investor webcast and conference call at 10:00am CET. The presentation and playback of the webcast and call will be made available on Intertrust's https://investors.intertrustgroup.com/.Advisors
The following parties have advised Intertrust on the transaction: Deutsche Bank acted as financial adviser and Simpson Thacher & Bartlett LLP acted as legal counsel. Deutsche Bank provided committed debt financing in support of the transaction.
About Intertrust
Intertrust N.V. (Euronext: INTER) is a global leader in providing expert administrative services to clients operating and investing in the international business environment. Intertrust has more than 2,500 employees across 41 offices and 29 jurisdictions in Europe, the Americas, Asia Pacific and the Middle East. Intertrust has leading market positions in selected key financial markets, including the Netherlands, Luxembourg, Jersey and the Americas. Intertrust delivers high-quality, tailored corporate, fund, capital market and private wealth services to its clients, with a view to building long-term relationships. Intertrust works with global law firms and accountancy firms, multinational corporations, financial institutions, fund managers, high net worth individuals and family offices.
About Viteos
Viteos is a high growth, tech-enabled leader providing end-to-end middle and back office administration for hedge funds, private equity, real estate, private debt and other alternative asset managers. Viteos holds a top 10 position in U.S. Fund Administration and is a global leader in shadow administration. Viteos services >80 top tier customers with approximately USD 350 billion of Assets under Administration. Viteos was founded in 2003 in the U.S. by Shankar Iyer and Chitra Baskar.
About PPC Enterprises
Public Pension Capital is a New York City-based private equity firm, founded by former senior partners of Kohlberg Kravis Roberts & Co. PPC invests in a select group of industries, including Business and Industrial Services, Financial Services, Healthcare and Specialty Chemicals. https://ppcenterprises.com/
About 22C Capital
22C Capital is a principal investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential. For more information, go to www.22ccapital.com.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Intertrust’s ability to control or estimate precisely, such as future market and economic conditions, the behaviour of other market participants, the ability to successfully integrate the business of Viteos and achieve anticipated synergies, interest-rate and exchange-rate fluctuations, changes in tax rates and changes in laws and regulations. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. Intertrust does not undertake any obligation to update these forward-looking statements. This press release contains information that qualifies, or may qualify, as inside information relating to Intertrust within the meaning of Article 7(1) of the EU Market Abuse Regulation