Greensill Capital’s talks to sell parts of its operating business to Athene Holding Ltd. have stalled, according to people with knowledge of the matter.

The deal talks between Athene, an annuity seller backed by Apollo Global Management Inc., and Greensill have been held up by a breakdown in discussions with key technology supplier Taulia Inc., said the people, who asked not to be identified as the discussions are private.

Greensill Capital filed for administration in the U.K. on Monday, and Athene emerged as the only credible potential buyer after the supply-chain finance company’s swift collapse. The two sides have been in talks for at least a week, with Athene offering about $60 million for Greensill’s IT and intellectual property, according to court documents.

Representatives for Greensill and Apollo declined to comment. A Taulia representative wasn’t immediately available to comment.

Taulia provided much of the front-end technology that enabled businesses to have their supply chains financed by Greensill. San Francisco-based Taulia has sought terms with Apollo and Athene that are commercially different to those previously agreed by Greensill, said one of the people. Losing a key technology supplier may make Greensill a less attractive target.

Taulia has sought to diversify its business beyond Greensill, and the firm signed a strategic alliance with JPMorgan Chase & Co. in April 2020.

While Greensill billed itself as a fintech, much of its front-end technology was handled by third parties. The firm said that much of its technology was focused on mitigating risk rather than dealing with businesses and their suppliers.

— With assistance by Luca Casiraghi