Fenergo expands in to asset and wealth management 21 September 2018Dublin Reporter: Jenna Lomax
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Fenergo a provider of client lifecycle management (CLM) solutions for financial institutions is to expand into new market segments including asset and wealth management, as well as a move into commercial, business, private and retail banking.
It is also planning to expand its global footprint into key regions across the Asia Pacific region, Europe, and North America and has doubled its revenue to €58 million for the year, with an increasing proportion of revenue resulting directly from recurring software fees.
Fenergo added over 200 employees to its workforce during this period and now operates from offices in New York, Boston, Cape Town, Dublin, Madrid, London, Singapore, Sydney, Tokyo, Toronto and Wroclaw.
Marc Murphy, CEO of Fenergo, said: “This year has been about building on our strengths. We have increased our global footprint specifically across the Asia Pacific region and Europe as we work to meet growing demand and customer requirements across multiple banking segments and better serve our clients in their respective markets.”
He added: “Given our strategic hires and expanded workforce, we are now extending our CLM platform to serve the asset management, commercial, private and retail banking segments. Our diverse leadership team brings a wealth of expertise and experience in financial regulatory technologies that deliver end to end CLM for multiple segments.”
“Our strategic investment in research and development and expansion into new market segments gives our customers and prospects an ecosystem of solutions that address market challenges associated with digital transformation and today’s heavier regulatory obligations.”
He concluded: “When you combine these new initiatives with the company’s financial successes, we are optimistic about our future opportunities and believe we are uniquely positioned for further significant growth and continued success.”
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