September 16 (SeeNews) - US-headquartered provider of cloud-based investment management systems Dynamo Software, which has an office in Bulgaria, said that it entered into a definitive agreement providing for a strategic growth investment from funds managed by New York-based alternative asset manager Blackstone.
Francisco Partners, an existing investor in Dynamo Software, will also reinvest in the firm, which has grown rapidly in the last four years, the software company said in a statement.
The investment will help drive Dynamo’s expansion into new global markets and continued product development to best serve fund managers, deal teams, asset owners/allocators, and other industry participants across the alternative investment landscape, the company said.
The transaction, which is expected to be completed in the fourth quarter, is subject to customary closing conditions and regulatory approvals. Financial terms are not being disclosed.
"As the largest participant in the alternatives industry, we see the significant tailwinds behind the sector, which we believe will continue to increase the size and complexity of the individual firms and drive the continued formation of new investment funds. This creates a tremendous growth opportunity for Dynamo, whose products are already trusted by many of the largest managers and allocators in the industry," Vincent Letteri, senior managing director, and Jonathan Murphy, managing director at Blackstone, said in the statement.
With over 1,000 clients worldwide, Dynamo’s integrated software provides solutions for front, middle and back-office challenges. The Dynamo cloud platform covers key workflow solutions around customer relationship management (CRM), deal management, portfolio monitoring, investor reporting, and accounting and provides value to General Partners (GPs) and Limited Partners (LPs) alike, including private equity and venture capital funds, hedge funds, real estate investment firms, endowments, pensions, and foundations, among others.
The company has operations across US, UK, Continental Europe, and Asia. In Bulgaria, Dynamo Software runs an office based in the country's capital Sofia.
Dynamo Software, which was established in 1998 under the name Netage Solutions by Bulgarian nationals Krassen Draganov and Dilyan Pavlov, employs some 120 people in its Bulgarian office, from where it develops most of its new products, Sofia-based news outlet Capital.bg reported earlier this week. The company intends to expand its Bulgarian team, Capital.bg said.