Irish fintech Fenergo valued at over $1bn after $600m deal
Summary
Fintech company Fenergo has become the State’s third official Irish tech unicorn after being valued at over $1 billion in a new deal, according to industry sources. Fenergo follows in the footsteps of Intercom and Workhuman in being awarded unicorn status after selling a majority stake in the business for $600 million. Founded in 2008, it develops software for financial institutions that helps them with issues such as regulatory compliance and managing client data. The company, which employs about 1,000 people, had been linked with an initial public offering (IPO) prior to the deal, something that Mr Murphy has previously said he is keen to see happen at some point. He told The Irish Times recently that the company is looking at a number of potential acquisitions as it seeks to scale more quickly, with plans to hit revenues of $250 million by 2023.
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