MENLO PARK, Calif., May 18, 2018 /PRNewswire/ — Today, Accel-KKR and Sageworks announced the purchase of Sageworks by AKKR, a private equity firm based in Menlo Park, California. The amount of the transaction was not disclosed.
Sageworks is the leading provider of financial software and information products to U.S. financial institutions. Its first flagship product, ProfitCents, brought to market in 1998 and based on a proprietary artificial intelligence system, was originally designed to convert financial numbers into plain language to help business owners understand their financial statements. Since its inception, Sageworks further broadened its offerings into financial institutions through lending, credit risk and portfolio risk software products.
Its technologies are used by more than 1,200 U.S. banks and credit unions, and its financial analysis solutions are used by thousands of accounting professionals in the U.S. and abroad. To date, the company has generated millions of analytical reports aimed at making finance easier to understand and at helping people make better decisions.
Brian Hamilton, founder of Sageworks, stated, “We are pleased with the purchase by Accel-KKR, a leading firm that has vast experience in our specific industry. The purchase will allow Sageworks to have an even bigger footprint in the financial industry and to help more people, which is what we are all about.”
According to Park Durrett, managing director at Accel-KKR, “Companies like Sageworks are essential partners to financial services institutions that are both under pressure to grow but also comply with a constantly changing regulatory environment. We are excited about the opportunity to work with the Sageworks team to continue to innovate and deliver increasing value to its customer base.”