Abrigo, a provider of loan solutions, compliance, and credit risk solutions, will strengthen its accounting and risk management skills by paying an unknown amount to acquire TPG Software, a financial software developer with its headquarters located in Houston, USA.
Designed to help banks, credit unions, and other financial services companies expedite risk management, accounting, and reporting procedures for a variety of assets, TPG was founded in 1991 and offers a front-to-back straight through processing solution.
Its functionality supports fund and liquidity management, trade capture, subledger accounting, client safeguarding, reconciliation, regulatory reporting, and risk monitoring.
With the help of its investment accounting solution, Portfolio Genius, which unifies general ledger entries and its report manager module into a single platform, it processes transactions and gathers, distributes, and distributes data for fixed income assets and liabilities.
Abrigo will be able to expand its own line of technical accounting solutions and improve the risk management and reporting services it can provide to financial institutions by acquiring the software company and its products.
The vendor's current expected credit loss (CECL) model, which includes solutions for stress testing, income recognition, asset and liability management, and credit monitoring, will all be directly connected with TPG's technology.
According to Abrigo, these features are "essential given the industry's focus on liquidity, capital requirements, and earnings," with the worldwide market for investment accounting software expected to reach $8.2 billion within the next three years.
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