New York financial services-focused private equity firm Aquiline Capital Partners LLC is making an undisclosed investment in Fenergo. Insight Venture Partners is also investing in the deal.
Dublin, Ireland-based Fenergo makes software that help banks and financial services providers deal with regulations. Some of Fenergo’s clients include BMO Capital Markets (NYSE: BMO) and Lloyds Banking Group plc (LON: LLOY).
“Evolving regulatory pressures on financial instituitions have demonstrated a clear need for more advanced compliance solutions,” says Aquiline CEO Jeff Greenberg.
“I am truly excited for the growth opportunities that are now possible with the help of our new investors,” adds Fenergo CEO Marc Murphy.
As part of the deal, Aquiline’s head of financial technology, Vincenzo La Ruffa, will join the target’s board.
Marlin & Associates and Willkie Farr & Gallagher LLP are advising Aquiline.
Increasing regulatory pressure on banks has created a need for software makers in the space, making these companies attractive targets. For example, another recent deal includes Markit (Nasdaq: MRKT) buying CoreOne Technologies from Symphony Technology Group in a $200 million cash deal.