Customer engagement platform Aspect Software has been acquired by private equity firm Vector Capital.
The deal will see Vector invest more than $100m into Aspect and the existing lenders of Aspect will also provide further support with a new credit facility at closing.
With this new support from Vector, the company is hoping to continue its strategic transformation, push on with growth plans and refine its strategy, the company said.
Aspect Software is an interaction management, workforce optimisation and self-service customer engagement platform. Its services are used across the financial services, insurance, healthcare, retail, education and government industries, among others.
Its solutions include tools for fraud detection, helping businesses and financial institutions to verify customers via KYC, behavioural understanding and transactional insights. The platform performs two-factor authentication to bolster security login and location verification, which identifies known fraud hotspots and historical patterns. Alongside this, the solution is able to detect if calls or texts have been diverted.
A common fraudulent act is getting a duplicate SIM card, so all calls and texts also go to the attacker, such as one-time passwords. Aspect performs live lookups at the point of transaction or communication to see if there are any discrepancies.
Vector Capital principal Sandy Gill said, “We have always been impressed by Aspect’s strong business and leadership team. We look forward to backing Aspect during its next stage of growth and helping the Company accelerate its development through both organic initiatives and strategic acquisitions.”
Jefferies LLC and DCS Advisory acted as the financial advisers to Aspect, while Akin Gump Strauss Hauer & Feld served as legal consult.
Late last year, Vector Capital closed a $77m investment into e-commerce technology platform CloudSense. The FinTech provides a single solution which lets businesses sell products digitally, with tools for price quotes, catalogues and contract management.
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