Private equity firm Carlyle Group Inc. has taken the decision to invest in Abrigo, a firm that specializes in supplying financial analysis and risk management software. The Accel and KKR-backed firm is currently valued at over $1 billion as a result of the investment, the details of which remain undisclosed.
Following the deal, Carlyle will become an equal partner in the Raliegh, North Carolina-based firm alongside Accel-KKR, a financial backer since 2015.
When asked about his company’s competitive edge, Abrigo Chief Executive Officer Wayne Roberts mentioned how his company performs a wide range of functions in the fintech space, as opposed to many competitors that only focus on fulfilling a single need. Currently, Abrigo serves over 2,300 customers, resulting in a 30% year-over-year revenue growth.
Following the Carlyle investment, Abrigo will be afforded the opportunity to look further into “material” acquisitions, Roberts explained in an interview. Anna Tye, a managing director at Carlyle, mentioned that Carlyle also has several high-profile acquisition targets in its sights. Currently, the private equity firm is in the process of raising $27 billion for its latest flagship fund, which will be the largest-ever equity pool in the industry.
