CHARLOTTE, N.C., DECEMBER 20, 2017 - PrecisionLender, the world’s leading pricing and profitability platform for commercial banks, today announced the close of a minority investment by global venture capital and private equity firm, Insight Venture Partners, alongside existing investor Georgian Partners.
“Insight has incredible resources and experience that we will tap into as we continue our global expansion,” said Carl Ryden, CEO and co-founder of PrecisionLender. “They will also provide tremendous guidance in the development of our virtual pricing analyst, Andi®, which uses machine learning and artificial intelligence to glean insights from the thousands of deals priced daily through PrecisionLender.”
The data generated by digital transformation in the banking industry has created an unprecedented opportunity for commercial banks to rethink outdated lending processes – opening the possibility of optimizing to relationships rather than transactions. PrecisionLender allows commercial bankers to understand pricing in the context of the larger relationship picture to drive substantial improvements in portfolio income and customer experience.
“We are excited to partner with PrecisionLender in their next stage of growth,” said Richard Wells, Managing Director at Insight Venture Partners, who as a part of the transaction will be joining PrecisionLender’s board. “The platform is rapidly being adopted by some of the largest global banks to solve a critical business need – delivering specific pricing intelligence to global banking enterprises at exactly the moment when that actionable information can have the largest impact.”
This partnership continues a banner year for the North Carolina-based software company. In addition to Insight Venture Partners’ investment, PrecisionLender expanded into the Australian market and signed its second Top 10 U.S. bank. Its clients are currently using the software to price deals at a run rate of $400B USD a year, a rate that is doubling every 6 months.