Sageworks, which is one of the country’s first fintech companies, announced it has been acquired by private equity firm Accel-KKR.
Since Sageworks launched ProfitCents in 1998, it has broadened its technologies to more than 1,200 U.S. banks and credit unions, through lending, credit and portfolio risk software products. It now generates millions of analytical reports that aim at simplifying financing, and its financial analysis solutions are used by thousands of accounting professionals internationally, according to the company.
"We are pleased with the purchase by Accel-KKR, a leading firm that has vast experience in our specific industry,” said Brian Hamilton, founder of Sageworks. “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."
Accel-KKR is a technology-focused private equity firm that invests primarily in software and technology-enabled services businesses. The company claims to have $4 billion in capital under management.
Accel-KKR said that acquiring Sageworks was a necessary move for its productivity and growth.
"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,” according to Park Durret, Accel-KKR’s managing director. “We are excited about the opportunity to work with the Sageworks team to continue to innovate and deliver increasing value to its customer base."
