#Dubai’s ICD Said to Explore Sale of $1 Billion IT Services Firm - Bloomberg

Dubai’s ICD Said to Explore Sale of $1 Billion IT Services Firm - Bloomberg

Dubai’s sovereign wealth fund is exploring a potential sale of British software services company SmartStream Technologies Group, according to people familiar with the matter.

Investment Corp. of Dubai is working with advisers at Deutsche Bank AG to identify potential suitors for the business, the people said, asking not to be identified as the matter is private. SmartStream’s owner is seeking about $1 billion in a potential sale that could draw both financial and strategic investors, the people said.

No final decisions have been made, and the fund may decide to retain the asset if it fails to find suitable bidders, the people said. A representative for ICD wasn’t immediately available for comment, while a Deutsche Bank spokesperson declined to comment.

A Dubai state entity initially bought SmartStream in 2007 from private equity firm TA Associates after the U.K. firm scrapped its initial public offering. SmartStream’s ownership was then transferred to ICD and the wealth fund currently controls the company, which specializes in providing software solutions to the financial industry.

Dubai is working on an ambitious plan to privatize as many as 10 firms to raise cash and revive its capital markets. The city’s main power and water company raised $6.1 billion in the world’s second-biggest initial public offering this year, defying a global slowdown in listings.