Bridgepoint and Astorg to acquire Fenergo 18 May 2021UK Reporter: Maddie Saghir
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Bridgepoint and Astorg have signed a definitive agreement alongside Fenergo’s management team to acquire Fenergo from Insight Partners.
Fenergo provides know-your-customer (KYC) and client lifecycle management (CLM) software solutions for financial institutions.
The acquisition follows a period of expansion for Fenergo and will drive investment in the firm’s software as a service strategy, product line development and support an expanding team through the next phase of growth.
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.
"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,” says Marc Murphy, founder and CEO, Fenergo.
"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," comments Benoît Ficheur, partner in charge of growth investments at Astorg.
David Nicault, partner responsible for Bridgepoint's investment activity in technology, states: "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.”
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