Banking Tech Firm Abrigo Acquires CRM Platform
Abrigo, a provider of compliance and risk software for banks, has acquired 360 View, a banking-specific CRM and marketing automation platform. The deal reflects a broader trend of consolidation in banking tech, as institutions seek integrated platforms for data-driven customer engagement and cross-selling.
This acquisition is the latest in a string of purchases for Abrigo, which has been aggressively expanding its platform through M&A. In the past few years, the company has acquired TPG Software for investment accounting, DiCOM for risk management, and BankLabs for construction loan solutions, among others. Private equity giants Accel-KKR and The Carlyle Group are the driving forces behind Abrigo's strategy. Carlyle invested in 2021 in a deal that valued Abrigo at over $1 billion, making it an equal partner with Accel-KKR, which has backed the company since 2015. The deal pulls 360 View's specialized CRM, built by bankers for bankers, into Abrigo's broader suite of risk and lending products. 360 View's platform is designed to unify a bank's customer data to manage referrals, track sales pipelines, and automate marketing. By integrating these CRM capabilities, Abrigo aims to provide financial institutions with a more complete data picture. This allows banks to move from fragmented data to a unified approach for identifying cross-sell opportunities and enhancing customer profitability analysis. This move reflects a larger consolidation trend in the financial technology sector, where banks are abandoning disparate, single-function vendors for more integrated platforms. The goal is to leverage comprehensive data and AI to compete more effectively in a rapidly changing financial services market. Abrigo now serves over 2,400 financial institutions, and the employees from 360 View will be joining the company. Jay Blandford, Abrigo's CEO, and David Acevedo, President of 360 View, have both highlighted the strategic goal of equipping banks with the intelligence and automation needed for growth.
