Kyriba, the cloud treasury and finance services company, announced on Thursday (April 11) that it closed a $160 million growth round of funding led by Bridgepoint, the private equity firm.
In a press release, Kyriba said the investment gives Bridgepoint a majority stake in the company and values Kyriba at $1.2 billion. Daher Capital, Iris Capital and Jean-Luc Robert, the CEO of Kyriba, will continue to be investors in the FinTech.
“We are thankful and excited to be supported by world-class investors led by Bridgepoint,” said Robert in the press release. “We are incredibly fortunate to have investors that share our vision and provide us with the financial resources necessary to capitalize on the significant growth potential in front of us.”
Kyriba said the funding will go for product development and customer support as well as to expand its ecosystem of partners. Its technology enables chief financial officers, corporate treasurers and finance teams to make more informed strategic investment decisions, protect against fraud and other financial risks and free up cash that may otherwise be trapped. Its cloud offering connects financial systems – banks, ERPs and other siloed systems – and enables partners to access the platform to provide services on it.
“As global businesses are transformed by the digital economy and enterprise infrastructure moves to the cloud, CFOs and treasurers are looking for better ways to manage cash and risk, while optimizing payments and working capital,” Robert said. “Kyriba sits at the center of this shift and is well-positioned to help enterprises transform their treasury capabilities.” Kyriba will continue to be led by Robert and will operate with its current management structure and strategy.
Speculation has been swirling since late March that Bridgepoint was gearing up to acquire the treasury management technology firm. A report in Private Equity at the time said Bridgepoint would get a 75 percent stake in the company as a result of the investment.