(Bloomberg) — Bridgepoint Group Plc is considering the sale of portfolio firm Kyriba Corp., in a deal that could value the treasury-management software provider at more than $2 billion, people familiar with the matter said.
The buyout firm is in the early stages of evaluating options for San Diego-based Kyriba, the people said, asking not to be identified as the matter is private. Bridgepoint may seek to raise more than $3 billion from the sale, one of the people said.
Bridgepoint could launch a sale process in the coming months, another person said. Bridgepoint hasn’t formally mandated an adviser for the sale, according to the person. The business could draw interest from both strategic and financial investors, the people said.
Kyriba helps corporate finance executives manage foreign exchange processes, improve financial controls and reduce fraud risks. It has more than 2,000 clients across industries including financial services, health care and real estate. Bridgepoint bought a majority stake in the business from its venture capital backers in 2019.
Investors are still keen to deploy capital in the technology sector despite a recent sell-off which has brought down valuations. Private equity firm Hg agreed this month to acquire UK compliance software developer Ideagen Plc for about 1 billion pounds ($1.3 billion). In April, a consortium of investors offered to buy Basware Oyj in a deal valuing the Finnish software company at about 620 million euros ($652 million).
Deliberations are ongoing, and there’s no certainty they will lead to a transaction, the people said. A representative for Bridgepoint declined to comment, while a spokesperson Kyriba didn’t immediately respond to requests for comment.
(Updates with new valuation in second paragraph.)
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
