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digital transformation in the banking industry has created an unprecedented opportunity for commercial banks to rethink outdated lending processes - opening the possibility of optimizing to relationships rather than transactions.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.
About PrecisionLender
The PrecisionLender pricing and profitability platform empowers commercial bank relationship managers to make smart, real-time pricing decisions and deliver superior customer service. Andi, PrecisionLender's virtual pricing analyst, uses artificial intelligence to glean and deliver insights from the thousands of deals priced daily in the platform. Using PrecisionLender, banks grow faster with stronger and more profitable relationships. Our product is used globally by more than 200 banks and 10,000 relationship managers. Set your bank apart with PrecisionLender. Visit http://www.precisionlender.com to learn more.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all its investments, visit http://www.insightpartners.com or follow us on Twitter @insightpartners.