Risk data management and regulatory reporting technology provider AxiomSL has announced a strategic investment from growth equity firm Technology Crossover Ventures (TCV). The latest capital influx represents AxiomSL’s first institutional financing to date after bootstrapping since its launch in 1991. The tech company headquartered in New York City will reportedly use the funds to accelerate its growth as it seeks to help firms address increasingly complex, data-intensive regulatory regimes and requirements.
Palo Alto-based TCV, which focuses on providing capital to growth-stage technology companies, has invested over $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions. The firm’s investments in the fintech, internet and software industries include Netflix, Splunk, Automated Trading Desk and Genesys Software. TCV’s founding general partner Rick Kimball and principal Nari Ansari will join AxiomSL’s board of directors.
“We selected TCV as our first institutional investment partner given their experience in helping financial technology companies achieve their mid- to long-term growth and strategic objectives,” said AxiomSL’s Chief Executive Officer Alexander Tsigutkin.
TCV’s founding partner Rick Kimball noted AxiomSL’s 25 years of clear market leadership for global risk and compliance data management technology in the financial services industry. The growth equity firm expects the company to continue to carve out a larger portion of the $70 billion risk and compliance IT software and services segment as enterprises look for technology that can help them quickly executive critical decisions and adapt to changing environments while keeping costs at a minimum.
AxiomSL lists customers around the world including Basel Capital, Liquidity, CCAR & BCAR, FRTB, MiFID, BCBS 239, Global Shareholding Disclosures, FATCA/CRS, AIMFD and COREP/FINREP.
“The data governance and reporting issues that financial institutions face are only increasing in significance and complexity,” said TCV’s Ansari. “Simultaneously, cost and compliance pressures are causing firms to automate and standardize their procedures throughout their organizations. AxiomSL’s innovative platform and solution set enables clients to address both challenges in a flexible and transparent way.”