Risk management specialist Abrigo snaps up TPG Software for investment accounting tech
Compliance, credit risk and lending solutions provider Abrigo is set to bolster its accounting and risk management capabilities through the acquisition of TPG Software, a financial software developer headquartered in Houston, USA, for an undisclosed sum.
Abrigo snaps up TPG Software
Founded in 1991, TPG’s front to back straight through processing solution has been built to help banks, credit unions and other financial services firms streamline risk management, accounting and reporting processes for a diverse range of investments.
Its offering includes functions to support trade capture, subledger accounting and client safekeeping as well as reconciliation, fund and liquidity management, regulatory reporting and risk monitoring.
Its investment accounting product, Portfolio Genius, processes transactions and collects and distributes data for fixed income assets and liabilities, consolidating general ledger entries and its report manager module within one unified platform.
The acquisition of the software developer and its solutions will enable Abrigo to grow its own suite of technical accounting solutions, while simultaneously strengthening the risk management and reporting capabilities it’s able to offer financial institutions.
TPG’s tech is to be integrated directly into the vendor’s current expected credit loss (CECL) model, as well as its stress testing, income recognition, asset and liability management and credit monitoring solutions.
With the global investment accounting software market projected to reach $8.2 billion within the next three years, Abrigo describes these capabilities as “vital given the industry’s focus on liquidity, capital requirements and earnings”.
