Sageworks, a U.S. fintech that offers lending, credit risk, and portfolio risk solutions to banks and credit unions, announced on Friday it was acquired by Accel-AKKR, a private equity firm based in Menlo Park, California. As previously reported, Sageworks, which was founded in 1998, offers banks and credit unions the technology they need to give SMBs a better borrowing experience and greater access to capital. The company reported aggregates private-company financial statements from accounting firms, banks, and credit unions through a cooperative data model.
“We are pleased with the purchase by Accel-KKR, a leading firm that has vast experience in our specific industry. The purchase will allow Sageworks to have an even bigger footprint in the financial industry and to help more people, which is what we are all about.”
Park Durrett, Managing Director at Accel-KKR, added:
“Companies like Sageworks are essential partners to financial services institutions that are both under pressure to grow but also comply with a constantly changing regulatory environment. We are excited about the opportunity to work with the Sageworks team to continue to innovate and deliver increasing value to its customer base.”
The companies then added that the amount of the transaction has not been disclosed at this time.