Empyrean Solutions, a Woburn, Mass.-based provider of asset and liability management and risk and compliance solutions for banks and credit unions, raised $74m in minority growth financing.
The round was led by Spectrum Equity, with participation from Information Venture Partners. In conjunction with Spectrum Equity’s investment, Adam Margolin and Lauren Shimbo from Spectrum Equity will join Empyrean’s board of directors.
The company intends to use the funds to accelerate investments in product innovation.
Led by Chris Maclin, CEO, and Raffi Festekjian, Executive Chairman, Empyrean provides a software platform that allows banks and credit unions of all sizes to take control of their balance sheet management, scenario planning, and risk analysis in a single software platform. The company offers a host of modules, including asset and liability management, liquidity stress testing, deposit analytics, budgeting, and profitability to provide a centralized view of an institution’s financial strength for CFOs and key business stakeholders.