RALEIGH – The Raleigh-headquartered technology unicorn insightsoftware, which last year raised $800 million from a single investor, is buying another company.
This time, the acquisition is meant to expand the company’s footprint in Europe, a statement from the company noted.
The company is acquiring Legerity, a provider of cloud-based accounting rules software.
According to the company statement, the deal will bring a “new solution set” to the existing company, which provides software solutions for all functions of the offices of chief financial officers and the teams they oversee.
“Legerity’s FastPost Platform is a strategic solution for organizations, especially during complex financial transformation. It brings an important set of capabilities to insightsoftware, including flexible business and accounting rules, compliance, and automated finance processes,” said Jim Triandiflou, CEO of insightsoftware, in a statement. “Legerity is a natural fit as we expand both our product offerings and regional footprint.”
Torrid pace of acquisitions continues
According to the company’s statement, Legerity provides organizations the ability to “automate processes and eliminate labor intensive data collection and report development.” The software enables real-time visibility into financial data a company maintains, which the statement notes can strengthen company controls and better positions companies to manage financial risk.
“Joining insightsoftware, our growth trajectory has been accelerated, meaning we’ll be able to expand the value we bring to our customers that rely on us for confidence in their financial data,” said Jeremy Wood, CEO of Legerity, in a statement.
According to the statement, Legerity was advised on the transaction by FirstCapital, an investment bank that specializes in advising high-growth technology companies in Europe.
The deal follows at least 20 other acquisitions that insightsoftware has made in the prior four years. It bought its 20th company, Magnitude, last October, and a few weeks prior to that announcement, the company bought its 19th company in three years. Triandiflou noted that the deal for Magnitude was the firm’s largest deal to-date.
Financial terms of the latest acquisition were not disclosed.