Astorg, Bridgepoint buy Fenergo from Insight Partners

According to The Irish Times, Bridgepoint and Astorg have jointly acquired a majority stake from Insight Venture and DXC Technology for $600m, in a deal valuing the business at $1.165bn.

Fenergo’s management team, led by founder and CEO Marc Murphy, has reinvested in the business alongside Astorg and Bridgepoint.

The GPs intend to support Fenergo in boosting its growth, further develop its product offering and expand its team, they said in a statement.

Previous funding
Investec Ventures led a €4m growth capital funding round for Fenergo in October 2013, deploying capital via its Ulster Bank Diageo Venture Fund.

Insight Venture Partners invested $75m in July 2015 for a stake of around 55% in the company. Aquiline Capital Partners also took part in the investment.

Subsequently, trade players CSC and DXC Technology invested €66m in the company in 2019.

More recently, ABN Amro Ventures invested in an $80m funding round for Fenergo, valuing the company at $800m. DXC Technology also took part in the round.

Company
Established in 2009, Fenergo is a provider of digital transformation, data integration and client lifecycle management for financial institutions.

Its platform helps financial companies fight crime and enhance customer experience while reducing operating costs, improving capital allocation and complying with regulations.

Fenergo’s client base includes ICBC Standard Bank, Santander, Mizuho, ABN Aamro and BNP Paribas, among others.

Headquartered in Dublin, the company employs 850 staff across its offices in North America, the UK, Poland, Spain, South Africa, the Asia Pacific region and the UAE. In the financial year ending in March 2021, Fenergo’s revenue increased by 17% to $107m.

People
Fenergo – Marc Murphy (founder, CEO).
Astorg – Benoît Ficheur (partner).
Bridgepoint – David Nicault (partner).

Advisers
Equity – Credit Suisse (corporate finance); William Blair (corporate finance); Torch Partners (corporate finance); Arma Partners (corporate finance); GreySpark Partners (corporate finance); Paul Hastings (legal); Allen & Overy (legal); EY (financial due diligence). 
Company – UBS (corporate finance); Willkie Farr & Gallagher (legal); William Fry (legal); PwC (financial due diligence).

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