NEW HAVEN, Conn., July 18, 2018 (GLOBE NEWSWIRE) -- Continuity, a leading provider of automated compliance change management technology for financial institutions, announced today that the company has executed a credit facility with Accel-KKR to enhance their ability to execute on their long-term growth and more specifically their acquisition strategy.
“At Continuity we continue to invest and innovate for our clients in a regulatory environment where the intensity on compliance change management continues to grow,” stated Mike Nicastro, Chief Executive Officer of Continuity. Mr. Nicastro continued, “As a part of our long-term strategy we have developed a platform that can easily integrate many of the intricate risk and compliance tools created by a number of small but well managed companies. These products and organizations can provide for a strategic enhancement to our organic growth as well as the vision we have created for our financial institution clients and our investors. With the closure of this credit facility we are now in a better position to rapidly identify and acquire those targets.”
“We are pleased to provide financing to Continuity and look forward to supporting them while they execute on their growth strategy through acquisitions. Continuity has several of the qualities we look for in companies, including high recurring revenue, best of breed product in their industry, and an experienced management team,” said Samantha Shows, Principal and Head of Credit Investing at Accel-KKR.
The momentum around products providing governance, risk and compliance management (GRC) continues to accelerate. This was evident during the recent ABA Compliance Conference where the Continuity team engaged with dozens of financial institutions in in-depth product reviews.
“We are excited to partner with a high caliber business in the GRC space which represents a target industry segment for our firm,” said Rob Palumbo, Managing Director at Accel-KKR.
Continuity and Accel-KKR worked through an accelerated timeline and process. With the completion of this transaction, Continuity now has additional financial leverage which complements the support of lead equity investors River Cities Capital Fund and Connecticut Innovations, Inc. Mr. Nicastro also stated, “We are pleased to be associated with a marquee organization such as Accel-KKR and look forward to working with them in this process as the credit facility is utilized. It is through the efforts of our entire team at Continuity that we have achieved the growth and operational efficiency that allows us to secure such a level of credit.”
Special acknowledgement goes to Continuity’s Chief Financial Officer, Alan Hurwitz for having played an integral role in this process and to Cafferty & Company who served as independent advisor to Continuity on the transaction.
About AKKR
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.
About Continuity
New Haven, Connecticut-based Continuity is a provider of regulatory technology (RegTech) solutions that automate compliance management for financial institutions of all sizes. By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk at a fraction of the cost. Continuity’s solutions are designed to automate all aspects of compliance management, from interpretation of regulatory issuances through intuitive task delegation, vendor management, and board reporting. Continuity serves hundreds of institutions across the United States and its territories. For more information about Continuity, visit Continuity.net.
MEDIA CONTACT:
Amber Bush
678-781-7219
amber@williammills.com