Carrick Capital Partners has invested $80 million in New York City-based Exiger, a provider of regulatory, financial crime, risk and compliance solutions. Deutsche Bank advised Exiger on the transaction.
New York, NY (July 9, 2018) – Exiger, the leader in the provision of technology-enabled regulatory, financial crime, risk and compliance solutions, announced today that Carrick Capital Partners (“Carrick”), an investment firm focused on supporting the scaling of technology and technology-enabled services companies has invested $80 million. The minority stake will support Exiger in their delivery of leading edge RegTech solutions to global financial institutions and corporations.
Exiger is the leading provider of technology-enabled, sustainable compliance solutions for the financial and corporate marketplace. Its combination of multi-disciplinary subject matter expertise and disruptive purpose-built technology is changing the way global financial institutions and corporations tackle their biggest and most expensive risk and compliance challenges.
Carrick will provide capital to help Exiger accelerate its growth by continuing to build out and acquire differentiated technology and technology-enabled solutions. Exiger will continue to introduce disruptive technology, operationally scale and evolve how global financial institutions and corporations manage their financial crime compliance processes.
Mike Cherkasky, Exiger’s Executive Chairman, said, “Michael Beber and I established Exiger with one objective: to move financial institutions and corporations to a sustainable compliance environment by implementing purpose-built, cost-effective, technology-enabled solutions developed by leading technologists working side-by-side with financial crime compliance experts. Five years since our founding, onerous regulations continue to evolve globally with the cost of compliance showing no sign of abating. Carrick’s capital and business-building expertise will help us accelerate what is already an incredibly fast-growing company.”
Michael Beber, Exiger’s President and CEO noted, “Carrick’s deep knowledge of Artificial Intelligence (“AI”), specifically Machine Learning (“ML”) and Natural Language Processing (“NLP”), will benefit DDIQ, our industry-first, AI-based RegTech solution purpose-built to disrupt and fundamentally improve KYC onboarding, monitoring and refresh and transaction alert clearing and adjudication in a cost effective, consistent, auditable manner. Paired with Carrick’s network and demonstrated track record as operators, we could not have picked a better business partner to assist us in scaling Exiger’s technology tools, talent and culture.”
“Thematically, we have been seeking to invest in a GRC platform that helps global banks and multinational corporations solve their critical financial crime compliance challenges. Exiger’s approach – combining true subject matter expertise and subscription-based, purpose-built solutions like DDIQ and Insight 3PM – is truly unique,” said Jim Madden, Co-founder and Managing Director of Carrick and newly appointed Board member of Exiger. “We love investing in founder-led businesses, particularly with like-minded leaders such as Mike Cherkasky and Michael Beber who have successfully built, managed and grown technology-enabled companies.”
“At Carrick, we always look for opportunities to invest with companies that are transforming industries – and Exiger is a great example,” said Mike Salvino, Managing Director of Carrick and newly appointed Board member of Exiger. “Banks – more than ever before – need to come to terms with the escalating costs of compliance and Exiger’s industry-leading, AI-powered solutions, have set them apart in creating unprecedented efficiencies while meeting regulators requirements for consistency and auditability. This investment represents an exciting opportunity for Carrick to help Exiger fully achieve their vision to transform the global compliance industry.”
Exiger was advised by Deutsche Bank. Torys LLP served as legal counsel to Exiger and Strategic Law Partners, LLP served as legal counsel to Carrick.
Exiger is a global regulatory and financial crime, risk and compliance company. Exiger arms financial institutions, multinational corporations and governmental agencies with the practical advice and technology solutions they need to prevent compliance breaches, respond to risk, remediate major issues and monitor ongoing business activities. Exiger works with clients worldwide to assist them in effectively managing their critical challenges while developing and implementing the policies, procedures and programs needed to create a sustainable compliance environment. A global authority on regulatory compliance, the company also oversees some of the world’s most complex court-appointed and voluntary monitorships. Exiger has four principal business units being: Exiger Advisory; Exiger Diligence; Exiger Government Services; and Exiger Tech. Exiger operates through offices in London, New York City, Silver Spring (DC Metro), Toronto, Vancouver, Hong Kong, and Singapore.
About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.