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Equisoft, a Montreal-based provider of digital solutions to the financial industry, has announced the successful closing of a $125 million equity investment. $70 million of the total figure is from new investors Investissement Québec and the government of Québec, with the remainder coming from existing long-time investment partners, Export Development Canada (EDC) and Fondaction. Toronto-based financial services company RBC Capital Markets served as exclusive financial advisor to Equisoft on this transaction.

According to the statement, the new funding will contribute to its global expansion, both organically and through strategic acquisitions. It will also accelerate further development of its integrated life insurance software platform and wealth products to better serve its global customer base.   

The Imperatives of Digital and CX Transformation

“Digital transformation and customer experience projects are no longer optional,” Comments Luis Romero, CEO, Equisoft. “Equisoft’s mission is to help companies through this process—at any stage of digital maturity—by delivering the most trusted solutions for complex financial services challenges. Our customer-focused approach has enabled us to gain the confidence of some of the largest financial institutions around the world. We are honored by the trust and funding from our long-time investors and are thrilled to welcome Investissement Québec and the government of Québec as new investment partners. Their focus on domestic and international growth is a great fit with our expansion strategy as we look to further develop our global footprint through continued investment in our people, our products and through international acquisitions.” 

For the last ten consecutive years, Equisoft reports double-digit organic growth and now serves over 250 financial institutions in 17 countries. Over the past five years, the company has successfully expanded internationally to Latin America, the Caribbean and Europe, in. The company continues to develop its end-to-end life insurance and wealth management platforms, which is currently used by multiple international companies.

As part of this round of financing, Investissement Québec and the Québec government invested a total of $70 million, including $36 million from Investissement Québec’s own funds and $34 million from the Fonds pour la croissance des entreprises québécoises (FCEQ). 

“The digital transformation of Quebec businesses is a key priority for us,” comments Pierre Fitzgibbon, Minister of Economy, Innovation and Energy for Québec. “This investment in Equisoft will accelerate this transformation in the life insurance and wealth management sectors and help businesses increase their efficiency.”

“As global financial institutions race to digitally transform themselves to meet high customer expectations and to adapt to market changes, Equisoft has become a world leader,” adds Guy LeBlanc, President and CEO, Investissement Québec. “Investissement Québec is proud to support Equisoft’s initiative to accelerate the digital transformation of companies in their industry.”

Making Global Leadership a Reality

“EDC has been partnering with Equisoft for over 14 years, and we have a very strong relationship,” says Guillermo Freire, Senior VP, Mid-Market Group, EDC. “EDC is here to propel the international growth of Canadian mid-market companies. With EDC’s support, Equisoft has been able to expand into international markets and maintain a successful growth trajectory. Together we will make their long-term vision to become a global leader a reality.”

“Financial technologies play a leading role in the digital transformation of the financial services and insurance sector,” comments Geneviève Morin, CEO, Fondaction. “For Fondaction, supporting Equisoft at every stage of its growth since 2008 is also about strengthening Montreal’s Fintech ecosystem and contributing to its international standing.” 

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