In 2020, emagine, one of Europe’s top technology consulting groups with annual revenues of over EUR100mn, decided to spin out its non-core financial software business incorporating leading-edge time stamping technology using atomic clocks. Jean-Francois Bodin, CEO of emagine, stated that he selected Citicourt as the best advisor in London to handle a complex fintech transaction.

Running a competitive M&A process, Citicourt sold the atomic clock financial technology to Orolia, a EUR100mn French-US defence and critical infrastructure company recognised globally for its strength in positioning, navigation and timing equipment and systems. Orolia was subsequently acquired by Safran, Electronics & Defense, the European leader and world number three in inertial navigation systems.

Citicourt added extra value to the transaction by negotiating the divestment of emagine’s fintech business and a copy of the atomic clock financial technology to a non-competing third party, thereby effectively selling the same assets twice. Citicourt was able to complete this double deal despite the very challenging market conditions of the middle of the Covid-19 pandemic.