Kyriba, the global leader in cloud treasury and finance solutions, today announced that it is in advanced talks with Bridgepoint, an international private equity group focused on investing in market-leading businesses, to receive a $160M investment round to accelerate innovation and growth of its enterprise platform.
The deal, once closed, would give Bridgepoint a majority stake in the business, and value Kyriba at $1.2 billion. Daher Capital, Iris Capital and Kyriba Chairman and CEO Jean-Luc Robert will remain as investors in the company.
“Bridgepoint will help us fulfill our mission of enabling CFOs and treasury executives to be more agile and efficient in managing their global cash and liquidity,” Robert said. “In today’s complex and highly volatile business environment, finance leaders need real-time visibility and pinpoint control over their cash operations to maximize growth and opportunity.”
Kyriba’s cloud platform seamlessly connects siloed financial systems - banks, ERPs, and other systems - to enable global organizations to improve key capabilities for cash and risk management, payments and working capital optimization. Through its open ecosystem, Kyriba enables strategic partners to access its platform and create value-added services that no other vendor can offer.
Kyriba’s unique value proposition resulted in a record growth year in 2018, including surpassing $110M in revenue and netting 229 new clients. In January, Kyriba announced its plans to acquire FiREapps, a leader in enterprise currency management, which will create the industry’s most robust, end-to-end solution for managing FX risk.
“We are very pleased to be engaged with Kyriba in this next stage of growth. Kyriba is a fast-growing company with an impressive track record of double-digit expansion and is the global market leader in cloud-based treasury management software solutions,” said Andrew Sweet, a New York-based partner at Bridgepoint. “With a market-leading offering and leadership position in the French and US markets, Kyriba is now well positioned to expand globally and we anticipate that further investment in R&D in particular will support its development in providing clients with comprehensive, end-to-end liquidity management solutions.”
With the new capital, Kyriba will enhance product development, customer support and expand its ecosystem. It will specifically invest $60M into product innovation over the next two years.
Bridgepoint is an international private equity firm, with 12 offices across the US, Europe and Asia, and more than $20 billion of assets under management. Bridgepoint has extensive experience of partnering with management to support the growth of similar software businesses, including Efront (the leading alternative investment management software) and Calypso (a leading provider of capital markets software for financial institutions).
“I would like to thank the investors who have supported Kyriba throughout its growth and enabled us to get to this important milestone, including Upfront Ventures, Bpifrance, SumeruEquity Partners and HSBC,” Robert said. “This transaction has provided a strong exit for them while establishing a strong future for Kyriba.”
Kyriba will continue to be led by Jean-Luc Robert and will operate with its current management structure and strategy.