Although the financial terms of the deal haven’t been shared publicly, the Irish Times said that industry sources claim that the transaction was valued at around $600 million. This led to Fenergo’s market valuation jumping to $1.165 billion, thus making it one of Ireland’s new Unicorns.
The acquisition has been announced after the company reported steady expansion. Fenergo says it has been focused on its SaaS strategy and also on its overall growth as a business.
Founded in 2009, Fenergo’s SaaS platform offers various solutions to major financial institutions, helping them to combat financial crime and to improve customer journeys while ensuring that firms remain compliant.
Fenergo works with ICBC Standard Bank, Santander, Mizuho, ABN AMRO and BNP Paribas. The Regtech firm helps these institutions with their digital transformation strategies, including their end-to-end client lifecycle processes.
In the financial year ending March 2021, Fenergo’s revenue surged 17% to $107 million.
Marc Murphy, Founder and CEO at Fenergo, stated:
“We are delighted that Astorg and Bridgepoint have chosen to invest in our company, providing us with the financial strength required to pursue our ambitious high-growth strategy. Both Astorg and Bridgepoint have enormous experience and credibility in our sector, something I am keen to leverage over the coming years. Ultimately, we only exist to serve the needs of our customers. We are looking forward to partnering with them in the next phase of our development.”
Benoît Ficheur, Partner in charge of growth investments at Astorg, remarked:
“We have tracked Fenergo for many years and have been impressed with its strong market position, innovative technology and consistent strong positive feedback from a customer base of large financial institutions. We are thrilled to partner with Bridgepoint to help shape the future of this unique company. Marc Murphy and his team have proven their strength year after year in this very demanding industry. This investment confirms our commitment to backing fast-growing and innovative software leaders.”