Austin-based bank service Abrigo acquires South Carolina's Valuant
Austin fintech company Abrigo, which has an estimated value of $1 billion, has acquired the South Carolina-based accounting technology service Valuant.
Austin-based financial technology company Abrigo just got larger. Terms of the deal were not disclosed. 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. The addition of Valuant reinforces our commitment to preparing customers for all types of credit risk and any challenges the economy might bring,' stated Abrigo CEO Jay Blandford. 'Valuant is working with high-performing institutions deeply invested in their communities, and the opportunity to scale with them is too good to pass up.' According to Abrigo, the company was advised by DLA Piper LLP on the transaction, while Valuant was advised by Leonis Partners and Morris, Manning & Martin LLP. 'It is part of our DNA. In Abrigo, we found a strategic partner with a similar customer focus that can offer additional solutions and services to our valued customers.'