Marc Murphy, CEO of Fenergo
Fenergo to receive significant investment from insight venture partners to fuel global growth
Fenergo, a provider of client lifecycle management software solutions for investment banks, capital market firms and private banks, has announced today that Insight Venture Partners, a New York-based private equity and venture capital firm, has agreed to invest $75m in the company. The transaction is expected to close within the next few weeks.
The new capital will be used to grow the company’s global footprint and presence in new and existing international markets and develop a partner ecosystem, which includes establishing Fenergo University and Consulting Accreditation Programme to empower partners to implement Fenergo solutions. Continued investment will be made in R&D to make Fenergo Client Lifecycle Management and Regulatory Onboarding the industry standard.
Financial institutions are grappling to understand and comply with new and changing regulatory obligations, resulting in the inability to onboard legal entity clients in a timely and cost effective manner. Fenergo has emerged as a market leader in the Client Lifecycle Management solutions space for financial institutions, with year-over-year growth of 100% for the last three consecutive years. Headquartered in Dublin, the company has recently expanded globally to include offices in London, New York, Boston, Sydney and Wroclaw. Fenergo serves a worldwide base of financial customers including Scotiabank, Bank of Montreal, State Street, SunTrust, Barclays and Royal Bank of Canada.
“We are thrilled to have a firm like Insight Venture Partners join our team,” said Marc Murphy, CEO of Fenergo. “Having undergone significant growth over the last few years, Fenergo has proven that it can deliver the solutions that financial institutions need and want to solve challenges around regulatory onboarding and client lifecycle management. Based on this demand, the market is encouraging us to find a strategic partner that will enable us to become the industry standard for client lifecycle management solutions. We believe we have found that partner in Insight Venture Partners and we look forward to working closely with them as we scale our business into the global industry standard”.
“Fenergo is an organisation with a leading brand, product, and management team,” said Peter Sobiloff, managing director at Insight Venture Partners. “We are pleased to partner with the company’s team in order to achieve continued growth and innovation in the Client Lifecycle Management solutions market.”