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Mergers & Acquisitions

Insight Partners Exits Fenergo

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Published: May 25th, 2021
Astorg and Bridgepoint are buying the software provider for financial institutions six years after Insight Partners invested in the company.

Astorg Partners and Bridgepoint Capital Ltd. said May 18 they agreed to pay an undisclosed sum for Fenergo Ltd., a software-as-a-service provider for financial companies.

The sale by Insight Venture Management LLC, or Insight Partners, comes after reports late last year that Fenergo was considering strategic options including an initial public offering. The IPO would have valued the company at about $1.5 billion.

New York-based Insight Partners and Aquiline Capital Partners LLC invested $75 million in Fenergo in 2015. Insight Partners managing director Peter Sobiloff led the deal for the firm.

Aquiline exited its position in Fenergo in 2018 with an investment gain of nearly five times, according to a source familiar with the firm. The source did not name the buyer of Aquiline’s stake in the company.

Founded in 2009, Dublin-based Fenergo employs 850 people as a specialist in know-your-customer and client lifecycle management software for financial institutions. Fenergo increased revenue 17% to $107 million in the 12 months ended March 31.

Astorg and Bridgepoint in the statement said Fenergo offers strong growth prospects to meet an industry need for digitization to handle regulatory compliance demands. Fenergo founder and CEO Marc Murphy said the firm plans to pursue a 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,” Murphy said.

Benoît Ficheur, partner in charge of growth investments at Astorg, said the firm has been tracking Fenergo for an extended period of time.

“Marc Murphy and his team have proven their strength year after year in this very demanding industry,” Ficheur said.

Bridgepoint partner David Nicault led the deal for the firm.

Editor’s note: The original version of this article was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

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