Ireland-based client management software developer Fenergo has completed an $80m funding round that included IT services provider DXC Technology and banking firm ABN Amro, TechCrunch reported yesterday.
ABN Amro participated in the round through its ABN Amro Ventures vehicle, adding to funding supplied by DXC in mid-2019 according to a press release issued by Fenergo. The round valued the company at about $800m post-money according to TechCrunch.
Fenergo has created a client lifecycle management platform tailored for the financial services industry, balancing improvement in customer experience with regulatory compliance. It will channel the funding into product development and strategic acquisitions that can add to its capabilities.
Hugo Bongers, a director at ABN Amro Ventures, said: “We are very happy to add Fenergo to our investment portfolio. This investment will contribute to ABN Amro’s strategic priority to build a future proof bank and fight financial crime.
“We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier one investors.”
Growth equity firm Insight Partners agreed in 2015 to acquire a 20% stake in Fenergo from insurance firm Ergo for $75m, before private equity firm Aquiline Capital Partners added an undisclosed amount of funding weeks later.
The company had already received $5.4m in equity financing from Ulster Bank Diageo Venture Fund in 2013, and TechCrunch reported it has now raised $155m altogether, naming financial services firm BNP Paribas as an existing backer.
