AUSTIN (Austin Business Journal) — Austin-based financial technology company Abrigo just got larger.
The company, which provides compliance, credit risk and lending solutions for community financial institutions, announced Jan. 3 that it has acquired Valuant, a compliance and credit risk software and service provider. Terms of the deal were not disclosed.
Based in Columbia, South Carolina, Valuant offers accounting technology and services that help banks and financial institutions comply with regulatory reporting standards.
The acquisition will grow Abrigo’s presence in the market and expand its customer base of about 2,300 financial institutions, further expanding the company’s services. Abrigo in 2021 secured a strategic growth investment from the Carlyle Group (Nasdaq: CG), a global investment firm based in Washington, D.C. Though the size of the investment was not disclosed, Bloomberg reported at the time that the deal valued Abrigo at more than $1 billion.