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Supply chain finance acquisition
FIS's acquisition of Demica, a UK supply chain finance platform, in February 2025.
Context
FIS Capital Markets, 2024 to 2025. Reported at about $300 million (GTR).
My role
Instigated the deal and built the thesis. Diligence team, then post-close strategy.
The problem
FIS had lending software but no platform for corporate working capital finance.
What I did
- Target identification and investment thesis
- Due diligence
- Post-acquisition strategy with Demica's leadership
What I took from it
Supply chain finance is bought by treasurers and CFOs, so it belongs with treasury products.
Updated September 2026