Californian private equity firm Accel-KKR has acquired financial information company Sageworks for an undisclosed amount.
North Carolina-based Sageworks provides US financial institutions with software and information products. Sageworks offers solutions for lending, credit risk, banking, advisory and portfolio risk. The company’s solution is used by more than 1,200 US banks and credit unions, as well as thousands of accounting professionals.
Its banking platform supports the end-to-end automation of a customer’s life-cycle, using AI technology to help businesses understand their financial statements. The lending solution enables banks and credit unions to book loans quicker, as well as accelerated analysis, decisioning and pricing of all loans originated through the use of automated templates.
Data and analysis used by Sageworks also helps to mitigate risk for credit by identifying risky relationships and leveraging global cash flow analysis for businesses, people and properties.
Through the transaction, Sageworks will look to grow its footprint within the financial industry and expands its customer base.
Accel-KKR managing director Park Durrett said, “Companies like Sageworks are essential partners to financial services institutions that are both under pressure to grow but also comply with a constantly changing regulatory environment.
“We are excited about the opportunity to work with the Sageworks team to continue to innovate and deliver increasing value to its customer base.”
Accel-KKR has already made a slew of FinTech investments this year, with this marking its fifth transaction so far. Last month, the firm acquired non-profit fundraising platform Salsa Labs and made a majority investment into website and agency marketing software developer Insurance Technologies Corporation.
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