Based out of Dublin, Fenergo provides solutions for banks to help them with managing client data and regulatory compliance.
In the latest development, the Irish fintech company Fenergo has reportedly sold a majority of share in the business for $600M (approx €500M), valuing the company around $1.165B (approx €966M), as per the sources.
Notably, London-based Bridgepoint, along with French private equity group Astorg, have jointly bought the stakes from Insight Venture Partners and DXC.
It’s worth mentioning that Insight had a 55 per cent stake in Fenergo, whereas DXC possessed a 10 per cent share.
As a part of the transaction, Marc Murphy, founder, and CEO, who owns a 10 per cent stake in Fenergo, has reportedly reinvested along with other senior executives.
Back in September 2020, the company hired UBS Group AG to advise on options including an IPO. However, it didn’t go as per the plan.
Provides Client Lifecycle Management (CLM) solutions
Founded in 2008, Fenergo provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management.
As per the Dublin-based company, the CLM suite of software transforms how financial institutions manage clients all the way through the client lifecycle (from initial onboarding to ongoing lifecycle events).
To date, the company has raised $160.4M (approx €133M) in funding from investors including ABN AMRO, DXC Technology, and others.
Plans for acquisition
In a recent interview with The Irish Times, Murphy said, “The company is looking at a number of potential acquisitions as it seeks to scale more quickly, with plans to hit revenues of $250M (approx €207M) by 2023.”
The company has continued to see strong growth despite the COVID-19 crisis. Murphy also “recently forecast revenues of about €95M for the 12 months to the end of March 2021, up from €78.3M for the prior year,” according to the report.
‘Best CLM Solution’ award
A couple of months back, Fenergo, won an award for ‘Best CLM Solution’ at the Asian Private Banker Sixth Technology Awards.
In 2020, the company launched Remote Account Opening (RAO) solution, a cloud-based solution enabling businesses and individuals in the APAC region to be onboarded, open accounts, and access financial services remotely.
Fenergo has offices in Hong Kong, Singapore, Tokyo, Melbourne, and Sydney. Clients in APAC include Standard Chartered, Mizuho, Commonwealth Bank of Australia, National Australia Bank, and more.