Irish tech firm Fenergo gets $75m investment from Insight

Irish technology firm Fenergo has announced $75 million in investment from New York-based private equity firm Insight Venture Partners.

The company said the funding, which is expected to close in the new few weeks, would be used to increase its international business, targeting new markets, and also fund the development of of a partner ecosystem. Part of that ecosystem includ which includes establishing Fenergo University and a consulting accreditation programme. The company also intends to invest in R&D.

Fenergo provides client lifecycle Management software solutions for investment banks, capital market firms and private banks. It specialises in enabling financial institutions to meet regulatory compliance and data requirements when taking on new clients, and has offices in London, New York, Boston, Sydney and Wroclaw.

"We are thrilled to have a firm like Insight Venture Partners join our team," said Marc Murphy, CEO of Fenergo. "Having undergone significant growth over the last few years, Fenergo has proven that it can deliver the solutions that financial institutions need and want to solve challenges around regulatory onboarding and client lifecycle management. Based on this demand, the market is encouraging us to find a strategic partner that will enable us to become the industry standard for Client Lifecycle Management solutions. We believe we have found that partner in Insight Venture Partners and we look forward to working closely with them as we scale our business into the global industry standard."