Spectrum Equity has led a $74 million growth investment in Empyrean Solutions, a financial risk management provider for banks and credit unions.
Joined by Information Venture Partners, the funding marks the first institutional investment for Empyrean. The capital injection intends to support the acceleration of its product innovation, ultimately helping finance leaders make better strategic decisions, the firm said.
Over the past three years, Empyrean has grown rapidly, tripling revenue while operating profitably.
Empyrean, based in Woburn, Massachusetts, offers a host of modules, including asset and liability management, liquidity stress testing, deposit analytics, budgeting and profitability. The platform intends to provide a centralized view of an institution’s financial strength for the broader office of the CFO and key business stakeholders.
According to the company, its 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.
“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,” Adam Margolin, managing director of Spectrum Equity, said.
In conjunction with the firm’s investment, Margolin and Lauren Shimbo of Spectrum Equity will join Empyrean’s board of directors.