Fenergo Nabs $75 Million Investment from Insight Venture Partners
Fenergo, a provider of client lifecycle management software solutions, announced Insight Venture Partners, a New York-based private equity and venture capital firm, will invest $75 million into the vendor. The deal will be finalized in the next few weeks.
Marc Murphy, the CEO and founder of Fenergo, tells Sell-Side Technology two of the main areas the investment will be used for are opening new offices and making new hires. Fenergo, which is headquarted in Dublin and has offices in London, New York, Boston, Sydney and Wroclaw, Poland, plans to open offices in the Middle East, Singapore, Tokyo, Toronto and Stockholm.
The firm will also look to make approximately 100 new hires, according to Murphy, the majority of which will be for the research and development team, specifically focused on software and quality assurance.
"The aim of this investment is to scale up and accelerate the roadmap and product development in a quicker timeframe," Murphy says.
The investment comes at a crucial time in the firm, as Fenergo has seen steady growth over the past few years. In the last three years the firm has grown by 100 percent each year.
Part of the investment will be used to help with this demand through creating a Fenergo University and Consulting Accreditation Program. Its goal will be to help partners implement Fenergo solutions into firms quicker.
Murphy also says his firm is investing heavily in the user interface of its systems in an effort to make them more user-friendly.
All of this has been done with the help of Fenergo's Client Advisory Boards (CAB).
"Our clients on CAB have been advising us to select a strategic partner with whom we can successfully scale the business ─ both geographically and product-wise," Murphy says. "This investment enables us to scale geographically, invest the product suite and be a more credible player in the market for Tier 1 financial institutions."