Carne will use the investment to expand its technology for the asset management industry.
Dublin-headquartered Carne Group has secured a €100m investment from Vitruvian Partners.
The investment will be used to expand Carne’s client-led technology tools and will see Vitruvian take a minority stake in the business, subject to regulatory approval.
Carne, which was founded in 2004, has developed a technology platform for the asset management industry. Its CORR (compliance, oversight, risk and reporting) platform aims to help asset managers fulfil compliance, risk and operational requirements using automated data acquisition, analysis and real-time reporting.
The company said that CORR has seen rapid roll-out since launch and is being used to oversee $2trn in assets.
It has more than 350 employees in eight locations around the world, managing governance, regulatory and substance requirements for more than 550 of the world’s top asset managers and institutional investors.
This workforce includes around 250 people in Dublin, Kilkenny and Wexford. The company had announced in 2019 that it planned to expand its presence in its regional hubs of Kilkenny and Wexford.
“We are focused on transforming the asset management industry through our proprietary CORR technology, hiring the best talent globally and building client-led, trusted solutions,” said John Donohoe, founder and CEO of Carne Group.
“In Vitruvian, we found a partner with a shared vision and the experience and intellectual capital to help us bring further innovation to the industry. Together we can build and deliver better outcomes resulting in a win-win for both asset managers and investors.”
Stephen Byrne, partner at Vitruvian Partners, added that his firm is looking for investment opportunities that are “redefining industries”.
“We have partnered with Carne to support the roll-out of their CORR technology platform, through which Carne brings much needed innovation and digitalisation to the asset management sector,” Byrne said.
“Our investment and partnership will enable Carne to further accelerate ongoing developments of leading technology-enabled products and services, as well as global scaling of their platform.”
According to The Irish Times, Vitruvian is taking around a 25pc stake in the business, which would value Carne at €400m.