Private equity firm Bridgepoint paid $160m for a majority stake in Kyriba, a US-based treasury and finance management platform developer that counts payment services firm American Express as an investor, yesterday.
The deal values Kyriba, which is also backed by financial institutions HSBC, Bred Banque Populaire, Mizuho Bank and Mitsubishi UFJ Financial Group, at $1.2bn, though the company has not revealed whether Bridgepoint was an existing investor. All its corporate backers exited as part of the transaction, first reported two weeks ago.
Daher Capital, Iris Capital and Jean-Luc Robert, chief executive of Kyriba, remain shareholders in the company.
Founded in 2000, Kyriba operates a secure, cloud-based software platform that enables enterprise users to manage their finances, protect against fraud and financial risk, and accelerate business growth.
The new funding will drive product development, the improvement of the company’s customer support and the growth of its partner ecosystem.
Kyriba had previously raised at least $158m in equity financing. HSBC most recently backed a $45m round in 2017 that was led by private equity firm Sumeru Equity Partners (SEP) and which also featured Iris Capital, Daher Capital and French state-owned investment bank BPIFrance.
The same investors, bar SEP, had previously participated in a $23m series D round for the company in September 2016, before Mitsubishi UFJ Capital, the venture capital arm of Mitsubishi UFJ Financial Group, provided an extension of undisclosed size three months later.
Mitsubishi UFJ Capital had first invested in Kyriba in 2014, before HSBC and Bred Banque Populaire joined a $21m series C round together with Iris, Daher and Upfront Ventures the following year.
American Express’ investment dates back to 2001, when it took part in a $10m round along with Upfront Ventures and Mangrove Capital Partners. Details of when Mizuho Capital, the investment vehicle for Mizuho Bank, provided funding for Kyriba could not be ascertained.
