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Bridgepoint in the News

18 May 2021

Astorg and Bridgepoint acquire financial software company Fenergo

Dublin, 18th May 2021 - Astorg and Bridgepoint are pleased to announce that they have signed a definitive agreement alongside Fenergo’s management team to acquire Fenergo, the leading provider of Know-Your-Customer (KYC) and Client Lifecycle Management (CLM) software solutions for financial institutions, from Insight Partners. The acquisition follows a period of strong expansion for Fenergo and will drive investment in the firm’s SaaS strategy, product line development and support an expanding team through the next phase of growth.

Established in 2009, Fenergo’s award winning SaaS platform provides solutions to the world’s largest and most complex financial institutions, helping to fight financial crime and to enhance customer journeys while being compliant every step of the way. Fenergo currently helps top financial institutions including ICBC Standard Bank, Santander, Mizuho, ABN AMRO and BNP Paribas to digitally transform their end-to-end client lifecycle processes. Fenergo’s API-first ecosystem of channels, systems and data providers enables financial institutions to offer a truly frictionless customer experience.

The company operates in a specialised part of the highly regulated financial services sector, with strong potential for continued growth given the increasing importance of digitalisation and compliance. In the financial year ending March 2021, Fenergo’s revenue increased by 17% to USD$107 million.

Marc Murphy, Founder and CEO, Fenergo said: “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, said: “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.”

David Nicault, Partner responsible for Bridgepoint's investment activity in technology, said: “We are delighted to partner with Astorg on the exciting next phase for Fenergo. Continued pressure on financial institutions to improve their compliance work, while at the same time managing margins and increased regulation, has created the need for integrated digital solutions that enable reduced operating costs, improve capital allocation and comply with regulations. We are looking forward to working closely with the management team at Fenergo as they build on the company's success to date and realise its full growth potential.”

Financial terms of the transaction were not disclosed.

Advisors involved included:

- for Fenergo: UBS, Willkie Farr & Gallagher, William Fry, and PwC

- for Bridgepoint and Astorg: Credit Suisse, William Blair, Torch Partners, Arma Partners, Paul Hastings, Allen & Overy, Ernst & Young, and GreySpark Partners

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