TORONTO & SAFETY HARBOR, Fla.--(BUSINESS WIRE)--Identifi, the leading independent provider of Enterprise Content Management and Workflow software for Banks and Credit Unions, has completed a strategic growth equity recapitalization with Arcadea Group, a long-hold, permanent capital growth investors in high quality software companies. This investment is the third for Arcadea in the Financial Services sector this year.
The transaction will see Identifi’s Founder and CEO, Alan Wiessner, continue in his role and maintain a significant equity interest as the business enters its next chapter of growth and scale. “We are extremely excited to partner with Arcadea for this next phase of Identifi’s journey. The institutional scale they will bring to us and our customers will allow for accelerated execution against our go-to-market and product strategies,” said Wiessner. He went on to mention “We look forward to leveraging Arcadea’s deep vertical software expertise as we increase the scope of our offerings and expand our reach to more customers that can benefit from our best-in-class solutions.”
Daniel Eisen, Managing Director & Co-Founder of Arcadea Group, said, “Al and his team have built a wonderful business that delivers enormous value to their customers. We look forward to supporting the continued growth of the business as it expands its presence in the market. Identifi is a great addition to our growing portfolio of best-in-class independent software vendors for the banking and credit union market. ”
Mike Nicastro, the CEO of Coppermine Advisors a long-time strategic advisor to Identifi, will continue to support the business alongside Arcadea. “I have been extremely impressed with Arcadea’s unique philosophy and approach to investing in high quality software companies.” Mr. Nicastro, having been the CEO of Continuity (a leading RegTech recently acquired by Mitratech) and the SVP & CMO of Open Solutions (OSI, ultimately acquired by Fiserv) where he led overall product strategy, has spent decades in the sector including 10 years as director of a publicly traded community bank. Nicastro continued, “I know that the bank and credit union market badly needs independent, best-of-breed Workflow and ECM solutions and related offerings, for which Identifi is the clear leader across the market. Identifi – and its customers – will be well served by Arcadea’s permanent, stable capital support and commitment to multi-decade outcomes. I am delighted to work alongside the Arcadea team to support the Identifi business in its rapid growth for many years to come.”
“We’re excited about this chance to partner with the Identifi team," said Paul Yancich, Managing Director & Co-Founder of Arcadea Group. He added, “The business represents the sort of growth, mission-criticality, capital efficiency and market position we look for in all of our investments and are excited to work together to achieve great outcomes for our banking and financial services customers.”
Based out of Safety Harbor Florida and originally founded in 1988 as Integra Business Systems, Identifi has grown into a market-lead around process automation for Financial Institutions. Focused on increasing efficiency, visibility, accuracy and customer engagement, Identifi software addresses several key areas within Financial Institutions: Loan cycles, audits, new account openings, integration with core banking, credit card processes, vendor management, wealth management, employee onboarding, accounts payable and teller lines – tying these discrete functions together across complex institutions.
About Arcadea Group
Arcadea Group invests in high-quality, independent, typically founder-controlled software companies over durations of time that no other private equity or growth equity firm can match. Based in Toronto, Canada and Orlando, Florida and investing globally, Arcadea exclusively focuses on businesses with long-term growth potential and ambitions.
About Coppermine Advisors, LLC
Connecticut based Coppermine Advisors, LLC provides strategic guidance to a wide array of businesses with a focus on FinTech, BankTech & RegTech. Focused on strategic planning, growth and creating a vision for the future of its clients by working closely with their teams as well as the other key members of the ecosystem such as venture capital, growth equity, private equity and investment banker.