Apax Partners, a France-based private equity firm, has sold its stake in Odyssey Financial Technologies to Temenos Group, which recently agreed to buy the Odyssey, its rival in the wealth management software industry.

It was recently announced that Temenos will acquire a 100 per cent stake in Odyssey for a total enterprise value of $101.3 million. The transaction will include $81 million in cash and Odyssey's existing debt obligations of approximately $20.3 million.

Through the acquisition, Temenos aims to broaden its portfolio in private wealth management software. It will fund the acquisition through a combination of existing cash and existing facilities.

Odyssey focuses on front and middle-office software for the private banking and wealth management industry. Apax Partners is an independent global private equity advisory firm.