Kyriba set to change hands in $1.2bn deal
Private equity firm set to snap up treasury management specialist in $1.2bn deal.
Bridgepoint, the private equity investor, looks set to take majority control of Kyriba, according to reports.
The deal, Private Equity News says, values the treasury-focused technology company at approximately $1.2bn. If the deal goes through, Bridgepoint looks set to take control of 75% of Kyriba – in a move that strengthens the investor’s growing US portfolio.
According to the Federal Trade Commission, the deal passed an antitrust review earlier this month.
Kyriba surpassed $110M in revenue in 2018, a significant milestone for SaaS technology companies, and is anticipating 40 percent growth this year. Last year, the tech firm signed more than 229 new enterprise clients, including Eastman Chemical, Eisai Co., Ltd., Hitachi High-Tech, Informa, Palo Alto Networks, Peloton, Ripple Labs and many more.
Kyriba were unavailable for comment when approached by The Global Treasurer, while Bridgepoint have declined to comment so far. We’ll share more details as soon as possible.
The deal follows hot on the heels of Bridgepoint entering into an agreement to sell eFront, the end-to-end alternative investment management software and solutions provider, the BlackRock. The $1.3bn cash deal is subject to conditions.
In January, Kyriba announced it will acquire enterprise currency management leader FiREapps, to help CFOs better manage potential losses from foreign exchange (FX) exposures. The combination of the two companies will create the industry’s most robust, end-to-end solution for managing FX risk, it said.