Sageworks becomes Abrigo
Sageworks, a provider of financial information on businesses, is now part of a new entity called Abrigo.
The private equity firm Accel-KKR acquired Sageworks last year (see Accel-KKR acquires Sageworks). Sageworks was based in Raleigh, North Carolina, and specialized in providing financial software and information on private companies to accounting firms, banks and credit unions. Since the acquisition, the company has focused more on the banking market, but has also been involved in providing guidance to banks and other financial institutions on the current expected credit loss, or CECL, accounting standard from the Financial Accounting Standards Board that is taking effect over the new few years. It also deals with compliance with ALLL, the allowance for loan and lease losses prescribed by financial regulators like the Federal Reserve.
Accel-KKR had invested in 2015 in Banker’s Toolbox, a company that dates back to 2000. Accel-KKR and Banker's Toolbox acquired Sageworks in May. Another company called MainStreet Technologies, which develops loan loss allowance analysis systems, was acquired by Banker's Toolbox last April. On Tuesday, Banker's Toolbox announced they together have been rebranded as Abrigo, targeting community banks with compliance, credit risk and lending systems. Its CECL and ALLL systems have been endorsed by the American Bankers Association.
“You don’t have to be the biggest to make big things happen,” said Abrigo CEO Wayne Roberts in a statement. “You just need the right partner. Our family of customers has grown significantly over the last few years. We believe the Abrigo name positions us to better communicate our enhanced platform capabilities and our focus on helping our customers not only survive, but thrive.”
Abrigo said it has aggressive growth plans to add more products, services and expertise through continued organic growth, plus targeted acquisitions, in response to customer needs and requirements. It will continue to rely on funding from Accel-KKR.
“We invested in Banker’s Toolbox to build a platform company serving financial institutions needing compliance solutions,” stated Accel-KKR managing director Park Durrett. “Wayne and the team have built a great company over the last few years, and we are bullish on the future. AKKR is excited and will continue investing in Abrigo and its vision to make big things happen for financial institutions and the communities that they serve.”