The Globe and Mail reports in its Tuesday edition that one of Europe's largest private equity firms is buying majority control of financial software company Zafin Labs America Inc. The Globe's Jameson Berkow writes that Nordic Capital said Monday that it would buy a majority share of Vancouver-based Zafin. The agreement valued Zafin at more than $500-million based on annual revenues of between $75-million and $100-million (all figures U.S.). Early Zafin investors Beedie Capital, Kayne Partners and Vistara Growth will sell their holdings in the company as part of the transaction. Beedie first invested in Zafin in 2012; Kayne invested in 2014, and Vistara in 2018. Mohit Agnihotri, a partner with Nordic Capital Advisors responsible for the firm's financial software practice, said from London that the investment represented "a comfortable majority" of Zafin. Zafin already works with several dozen financial institutions around the world, including Canada's five major banks, Barclays PLC, ING Groep NV and Bank of America. CIBC used Zafin to automate pricing, billing and analytics for its business customers. That reduced IT expenses and costs to enact fee changes, identify revenue opportunities and ended manual billing errors.