A-Team Insight Blogs

Fenergo Transaction Gives 70% Ownership to Astorg and BridgePoint at $1.64 Billion Valuation

After months of speculation, Fenergo has secured new ownership and capital for future growth in a deal that values the Irish provider of KYC and client relationship management software at $1.64 billion.

Under the transaction, French private equity group Astorg and BridgePoint, a London-based hedge fund, have acquired a majority stake in Fenergo, buying out previous owners Insight Venture Partners, DXC Technologies and the Fenergo Employee Share Ownership Programme. Sources familiar with the deal say Astorg and BridgePoint paid $1.15 billion for a 70% stake, valuing the company at $1.64 billion. Insight acquired its 55% stake in 2015 for $75 million. DXC held 10% with the ESOP holding the remainder.

Fenergo has been mulling such a move for some time. With a roster of some 80 clients, including ABN Amro, Aviva, Bank of China, Credit Suisse, Danske Bank, Santander, State Street and UBS, the company was rumoured to be considering an IPO, a development that still hasn’t been ruled out, sources say. CEO Marc Murphy, who holds a 10% stake, is believed to have reinvested in the latest deal.

Murphy recently forecast Fenergo would hit revenues of around €95 million for the year ended in March 2021, an increase of more than 20% from €78.3 million from fiscal 2020. He has indicated that the company is seeking to hit annual revenues of $250 million by 2023, and is considering possible acquisitions to help reach that target.

Fenergo has seen strong growth in recent years, doubling its revenue in 2018 and posting a further 21% growth in 2019. Until the recent transaction, the company had raised a total of $155 million, with $80 million of that won in a February 2020 funding round led by ABN Amro Ventures and DXC Technology.

Related content

WEBINAR

Upcoming Webinar: Strategies, technologies and services for successful corporate actions automation

Date: 15 September 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Rising volumes and increasing complexity of corporate actions are challenging market participants’ efforts to reconcile data, automate corporate actions processing, and contain costs. The culprits causing these challenges include legacy systems, missing skills, manual processes, data quality issues, and...

BLOG

Solidatus Raises £14 Million to Build Out Next-Generation Data Lineage and Metadata Management Platform

Solidatus has raised £14 million in Series A funding led by AlbionVC, the technology investment arm of Albion Capital Group, and also including HSBC Ventures and Citi. HSBC was an early adopter of Solidatus’ data lineage solution, and Citi the first strategic investor in the company in August 2020 following successful and ongoing implementation of...

EVENT

RegTech Summit New York City

Now in its 5th year, the RegTech Summit in NYC explores how the North American financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...