Malta-founded Ascent Software acquired by Acuity Knowledge Partners
Deal price undisclosed as firms hail potential growth the acquisition will unlock
Maltese tech firm Ascent Software has been acquired by Acuity Knowledge Partners, the company announced on Monday.
The deal, which was closed on September 30, will see Acuity leverage Ascent’s software tools to serve clients in reinsurance, pharma, manufacturing, and retail.
Details of the sale price or terms were not disclosed. Ascent was advised on the transaction by Canaccord Genuity, with Acuity advised by DC Advisory.
Ascent Software was co-founded by Joseph Sultana in Malta in 2003. Headquartered in the UK and Germany, it now employs 550 technology specialists across Europe and works with over 170 businesses in the UK, Europe and North America.
Acuity was established as a spinoff from Moody’s Corporation in 2019, when it was acquired by Equistone. Equistone sold its majority share in the firm in January 2023 to an investor group backed by global private equity firm Permira.
The company, which is headquartered in London, supports over 650 financial institutions and consulting firms across the globe through global bespoke research, data management, analytics and AI solutions.
Stewart Smythe, Ascent CEO, said the deal would give Ascent “the scale and global reach to accelerate innovation for our clients, while staying true to the culture and expertise that built Ascent.”
Sultana said the acquisition would expand Ascent's reach while also giving "great exposure to the significant Maltese contingent at Ascent who have delivered consistently throughout the journey and will continue to do so."
Smythe is expected to remain as CEO of Ascent under Acuity. Sultana has now exited the firm.
Robert King, CEO of Acuity CEO Robert King praised Ascent.
“Their proven track record in AI-driven solutions and deep sector expertise will allow us to enhance our offering to clients worldwide. Together, we will accelerate innovation, expand into new markets, and unlock greater value for the industries we serve,” he said.