Sageworks, an old-school fintech that provides lending, credit risk and portfolio risk technology to US financial institutions, has been acquired by private equity firm Accel-KKR. Financial terms were not disclosed.
Sageworks brought its flagship ProfitCents product to market in 1998, promising to convert numbers into plain language to help business owners understand their financial statements.
The firm later began targeting financial institutions, with more than 1200 US banks and credit unions now using its lending, credit risk and portfolio risk software.
Explaining the decision to sell up, Sageworks founder Brian Hamilton, says: "The purchase will allow Sageworks to have an even bigger footprint in the financial industry and to help more people, which is what we are all about."