Abrigo, a software provider for banks, announced Tuesday it received a strategic growth investment from Carlyle, a global investment firm.
Although an exact investment amount was not disclosed, Carlyle is now a co-majority stakeholder in Abrigo with Accel-KKR, according to a news release. Accel-KKR first invested in Abrigo in 2015, according to Park Durrett, managing director at Accel-KKR.
According to Bloomberg, this latest investment values Austin-based Abrigo at more than $1 billion, bringing the company to unicorn status. Abrigo now joins a growing number of new tech unicorns in Austin, including Firefly Aerospace, insurance marketplace The Zebra and data and software company Cognite.
This latest announcement comes after a year of growth for Abrigo. The company, which now serves more than 2,300 customers, experienced 30 percent year-over-year revenue growth, according to the release.
“It has been a period of unprecedented growth and success for Abrigo,” Wayne Roberts, CEO of Abrigo, said in a statement. “We are excited to tap into Carlyle’s global scale, industry experience and diverse perspectives to continue our journey to become the technology partner of choice for financial institutions. The next chapter for Abrigo will be even bigger, faster and boulder.”
Abrigo’s software helps financial institutions manage risk, drive growth and process loans faster. The company’s software also keeps these entities in compliance with constantly changing regulatory requirements.
The recent investment will be used for “significant and transformational” mergers and acquisitions. Funds will also be used to enhance customer relationships and accelerate sales growth, according to the company.
Abrigo also has plans to grow its team and is actively hiring for nearly 40 roles across all departments, including finance, human resources, implementation and engineering.