The private equity firm Accel-KKR in Menlo Park, Calif., has acquired Sageworks, a financial services software firm in Raleigh, N.C.
Accel-KKR, which has $4.3 billion in capital commitments, did not disclose the price of the deal. Sageworks provides financial software and information to more than 1,200 U.S. banks and credit unions.
The software firm’s first product, Profit Cents, was based on a proprietary artificial intelligence system and originally designed to convert financial numbers into plain language for business owners in 1998.
Sageworks’ offerings have since expanded into lending, credit risk and portfolio risk solutions to financial institutions as well as financial analysis and valuation applications to accounting firms and private companies.
“We are pleased with the purchase by Accel-KKR, a leading firm that has vast experience in our specific industry,” Brian Hamilton, founder of Sageworks, said in a press release. “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."
Park Durrett, a managing director at Accel-KKR, said in the release, “Companies like Sageworks are essential partners to financial services institutions that are both under pressure to grow but also comply with a constantly changing regulatory environment.”