Data management and regulatory reporting technology provider AxiomSL has received its first institutional financing, with a strategic investment from TCV.
The investment is the first AxiomSL has seen since it was founded in 1991, and is intended to help the company accelerate its growth.
TCV specialises in providing capital for growth-stage technology companies. Rick Kimball, founding general partner of TCV, and Nari Ansari, principal at TCV, will join the AxiomSL board of directors.
Alexander Tsigutkin, group CEO of AxiomSL, said: “We selected TCV as our first institutional investment partner given their experience in helping financial technology companies achieve their mid- to long-term growth and strategic objectives.”
He added: “Partnering with TCV will allow AxiomSL to continue our mission of empowering firms to address increasingly complex, granular, and data-intensive regulatory regimes and requirements.”
Kimball said: “Over more than 25 years, AxiomSL has achieved clear market leadership for global risk and compliance data management technology in the financial services industry.”
Ansari added: “The data governance and reporting issues that financial institutions face are only increasing in significance and complexity.”
He said: “Simultaneously, cost and compliance pressures are causing firms to automate and standardise their procedures throughout their organisations. AxiomSL’s innovative platform and solution set enables clients to address both challenges in a flexible and transparent way.”
