After 19 years of operations, privately held financial analysis software provider Sageworks has been sold to Accel-KKR, a private equity firm, for an undisclosed amount.
Brian Hamilton, the company’s founder, said the transaction would “allow Sageworks to have an even bigger footprint in the financial industry and to help more people, which is what we are all about.”
The Raleigh, N.C.-based company is the developer of ProfitCents, a web-based suite of financial analysis and benchmarking solutions.
The company also sells products focused on lending, credit risk, and portfolio risk to a large number of financial institutions. In addition, it has a large trove of financial statement data on private U.S. companies.
Park Durrett, managing director at Accel-KKR, said, “Companies like Sageworks are essential partners to financial services institutions that are both under pressure to grow but also to comply with a constantly changing regulatory environment.”
Accel-KKR, based in Menlo Park, Calif., invests primarily in software and technology-enabled services businesses and has $4 billion in capital under management. The firm’s portfolio companies include Paymentus, PrismHR, and TrueCommerce.
Sageworks’ first product, ProfitCents, was brought to market in 1998, and was based on a proprietary artificial intelligence system. “It was originally designed to convert financial numbers into plain language to help business owners understand their financial statements,” the company stated.
Founder Hamilton told WRAL TechWire that he expects Sageworks’ headquarters to remain in Raleigh.