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DIFCI still in process of selling software company

DIFC investment arm is still selling finance software company SmartStream Technologies

DIFCI, the investment arm of the Dubai financial hub, is still in the process of selling SmartStream.
DIFCI, the investment arm of the Dubai financial hub, is still in the process of selling SmartStream.

DIFC Investments has said that it has not yet sold software company SmartStream Technologies, according to Reuters.

The chief executive of the Investment Corporation of Dubai said that the process was not yet complete, and that a number of entities were looking into buying the company, which develops applications for the banking and finance sector.

Mohammed al-Shaibani told Reuters: "No deal has been made yet. It is in the middle of the process. I think that more than one entity is looking at it, among them are some of the Dubai government-related companies. They are showing a keen interest in this process."

It had previously been suggested in a research note from JP Morgan that SmartStream, which was acquired by DIFCI in 2007, had been sold to either Dubai or the ICD, resulting in a $68.8m impairment provision.

SmartStream offers software and services to manage transaction processing in back and middle offices of investment banks and fund managers. DIFCI acquired the company in 2007, for around GBP200m ($410m), as part of its drive to increase its financial services capabilities.