(Bloomberg) -- General Atlantic agreed to buy a minority stake in US treasury-management software provider Kyriba Corp. from Bridgepoint Group Plc.
The deal values the San Diego-based company at more than $3 billion and is expected to close this quarter, according to a statement on Wednesday, confirming an earlier Bloomberg News report. Bridgepoint plans to re-invest in Kyriba and remain its majority shareholder. Financial terms were not disclosed.
Bridgepoint took majority control of Kyriba in 2019 for $1.2 billion. The London-listed firm considered a sale of the software provider about two years ago, Bloomberg News reported at the time. Bridgepoint launched an auction process this year to explore bids for all or part of the company, the people have said.
Kyriba helps corporate finance executives manage foreign exchange processes, improve financial controls and reduce fraud risks through intelligence and financial automation. It serves nearly 3,000 clients in 170 countries, according to its website. Spotify Technology SA, Societe Generale SA and Warner Bros. Discovery Inc. are among its clients.
(Updates throughout with confirmation.)
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