Carlyle and Insight Partners acquired a majority stake in Exiger, an SaaS company specializing in supply chain management software for corporations, government agencies, and banks.
The valuation of the stake was not disclosed, but The Wall Street Journal pegged it at about $1.2 billion, according to unnamed sources familiar with the deal.
Founded by Michael Cherkasky and Michael Bebert in 2013, Exiger is headquartered in New York and currently serves more than 500 global customers, including 150 Fortune 500 companies, and supports 50+ government agencies. Its flagship 1Exiger AI platform addresses the entire corporate risk spectrum, including foreign ownership, ESG, cyberthreats, reputation, financial health, national security and operational risks.
Exiger’s management, founders and existing investor Carrick Capital Partners will reinvest equity in this transaction. Carrick acquired a minority position in Exiger with an $80 million investment in July 2018. Monroe Capital provided a $70 million senior credit facility to Exiger in 2021.
Carlyle’s investment is a collaboration between the firm’s Technology and Government Services teams, according to a joint statement by Steve Bailey, a managing director on Carlyle’s Technology team, and Dayne Baird, a managing director on the firm’s Government Services team.
“Leveraging Carlyle’s differentiated expertise in AI and its long history in backing high-growth businesses that sell into government and the commercial sectors in which Carlyle focuses including aerospace, government services, financial services, industrial, healthcare, and consumer, we are excited to partner with Exiger’s world-class management team to work to accelerate product innovation and customer engagement,” the statement went on.
Insight Partners Managing Director Ryan Hinkle said, “Exiger has emerged as a leader in third-party and supply chain risk management, and we have strong conviction in their platform, which delivers differentiated value to customers. Insight is excited to partner with the Exiger management team and Carlyle to drive the next phase of growth at Exiger as they scale up.”
This is the second major deal involving Insight in as many days; the firm entered into a $4.4 billion deal to take analytics firm Alteryx private in partnership with Clearlake Capital Partners yesterday
The transaction is subject to customary closing conditions and regulatory approvals.
Advisors for Carlyle and Insight Partners include Alvarez & Marsal, Boston Consulting Group, Nextfed and PwC. Carlyle also received advice from Union Square Advisors and Latham & Watkins, while Deutsche Bank and Willkie Farr & Gallagher also advised Insight. Jefferies was the exclusive financial advisor, and Sidley Austin served as the legal advisor to Exiger, with additional advisory support from Ernst & Young and McKinsey & Company.