Irish RegTech firm Fenergo has been successfully acquired by private equity firms Astorg and Bridgepoint in a $600m agreement.
According to FinTech Switzerland, the transaction was completed following approval by the European Commission. The deal may also help Fenergo push its market valuation to $1.165bn – making the company a RegTech unicorn.
Founded in 2009, Fenergo offers financial institutions a series of customer lifecycle management solutions that can enable them to transform their client onboarding process while at the same time optimising customer experience and ensuring regulatory compliance.
The company claims that as it enters its third chapter of growth, it intends to reinforce its commitment to developing innovative, digital solutions that equip financial institutions with the tools to navigate the highly complex regulatory environment and fight financial crime, transforming client operations, accelerating growth and enhancing client and employee experience.
Fenergo also noted that it intends to drive ‘deeper market penetration and geographic footprint’ through the continued innovation of its software-as-a-service and on-premise platforms as well as product line development.
Fenergo CEO Marc Murphy said, “We are excited to embark on the next chapter of our story with Astorg and Bridgepoint following the conclusion of our acquisition. Both firms have a proven track record in investing in and scaling high-growth firms like Fenergo.
“The acquisition validates the unique value Fenergo delivers to financial institutions in today’s rapidly evolving business environment, and we look forward to continuing our growth trajectory with the support of our new investors.”
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