Kyriba closes on $160M investment led by Bridgepoint
Kyriba Corp., a cash management platform for enterprises, has closed on a $160 million investment led by Bridgepoint, giving the private equity firm a majority stake in the company, according to a press release.
The San Diego-based company said it will use the funding to enhance product development and customer support and to expand its product ecosystem.
The agreement values Kyriba at $1.2 billion; existing investors Daher Capital, Iris Capital and CEO Jean-Luc Robert will remain as investors. Robert will continue to run company operations and will maintain the existing business strategy.
"We are thankful and excited to be supported by world-class investors led by Bridgepoint," Robert said in the 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."
The investment, which was disclosed in an announcement last month, will result in about $60 million in product innovation over the next two years, the release said. The technology platform connects siloed financial systems, including banks, ERPs and others, to enable companies to improve cash and risk management, payments and working capital.
Kyriba reported $110 million in revenue and 229 new clients last year. In January the company announced a deal to acquire FireApps, a firm that specializes in enterprise currency management.