Empyrean Solutions Raises $74 Million Growth Financing Led by Spectrum Equity

Funding to accelerate investment in product innovation to help banking finance leaders make better strategic decisions

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Apr 22, 2021, 06:00 ET

WOBURN, Mass., April 22, 2021 /PRNewswire/ -- Empyrean Solutions, a leading provider of asset and liability management and risk and compliance solutions for banks and credit unions, today announced a $74 million minority growth financing led by Spectrum Equity, a leading growth equity firm focused on Internet-enabled software and information services companies, with participation from Information Venture Partners. The investment represents Empyrean's first institutional capital and will accelerate the company's investment in product innovation to help finance leaders make better strategic decisions.

Empyrean's software allows banks and credit unions of all sizes to take control of their balance sheet management, scenario planning, and risk analysis in a single software platform. The company offers a host of modules, including asset and liability management, liquidity stress testing, deposit analytics, budgeting, and profitability to provide a centralized view of an institution's financial strength for the broader office of the CFO and key business stakeholders.

Led by industry veterans with extensive expertise in financial institution risk management technology, Empyrean has grown rapidly, tripling revenue over the past three years while operating profitably, as leading banks and credit unions have increasingly adopted Empyrean software solutions. "We designed Empyrean to help finance leaders effectively manage balance sheet risks and meet regulatory requirements. As the needs of our customers have evolved, Empyrean has expanded its platform capabilities right alongside them," said Chris Maclin, CEO of Empyrean. "Our new partnership with Spectrum Equity will further our commitment to provide best-in-class risk and balance sheet management solutions and accelerate our investment in product offerings that meet the evolving business and planning needs of financial institution CFOs."

Raffi Festekjian, Executive Chairman of Empyrean, added, "Empyrean's success to date has been achieved by combining a modern, intuitive platform that spans all key risk and finance functions, market-leading data processing which enables clients to run scenarios and produce reports in a fraction of the time and effort required on other platforms, and through our track record of continuous product innovation. We are thrilled to partner with Spectrum Equity as they share our vision to accelerate product-led growth over the coming years."

Empyrean has powered the balance sheet analysis of over $2 trillion of cumulative customer AUM since its founding in 2010. Jonathan Roberts, Director of Finance at Signature Bank, a longstanding customer said, "Empyrean's platform is highly intuitive and user friendly, enabling us to analyze risk data and make informed financial and business decisions that ensure the health and success of the bank. Their customer support has been outstanding and has allowed us to get the most from the platform's advanced capabilities."

Adam Margolin, Managing Director of Spectrum Equity, added, "Empyrean uniquely enables financial institutions to consolidate historically siloed financial and risk management functions and analysis on a single platform, driving strategic insights and significant efficiency and operational gains. We are excited to partner with the Empyrean team as they build a category-defining company with a singular focus on the strategic needs of the financial institution CFO."

In conjunction with Spectrum Equity's investment, Adam Margolin and Lauren Shimbo from Spectrum Equity will join Empyrean's board of directors.

About Empyrean Solutions
Fast and accurate results drive our efforts at Empyrean. Our system was designed and developed by risk and finance practitioners, built with ease of use and speed of calculations as primary considerations for its model. It is the fastest-growing solution in the market today. Banks and credit unions of all sizes turn to us for financial risk & performance management products that help them increase efficiency, reduce operational costs, and more easily manage financial performance. For more information, visit www.empyreansolutions.com.

About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading Internet-enabled software and information services companies. The firm is investing its ninth fund with $1.5 billion in limited partner capital. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com.

About Information VP
Information Venture Partners is a Toronto-based team of experienced venture capital investors focused on backing the next generation of leaders in B2B FinTech and Enterprise SaaS. Current investments include BigID, Cinchy, Coconut Software, Flybits, Jirav, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Arteria.ai, and Thoughtexchange. For more information, please visit www.informationvp.com.

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