FMG Suite, a SaaS company specialising in cloud-based marketing software and services for financial services professionals and insurance agencies, has picked up a new funding round led by Aurora Capital Partners.
The deal is the eighth investment from its $1.2bn Aurora Equity Partners V. The firm said it has bought more than 25 software and fintech companies as part of a buy-and-build program, and it plans to accelerate FMG Suite’s growth-by-acquisition strategy.
Aurora replaces K1 Investment Management as FMG Suite’s second institutional investor.
Rob Fraser, partner at Aurora, said, “FMG Suite has made solid investments in its technology and ideas and created a business model that forever changed how advisors approach marketing themselves and their firms.
“With our investment in FMG Suite, we look forward to collaborating with the successful management team to help advance the range of marketing solutions available to financial services professionals and insurance agencies.”
AltAssets revealed earlier this month that LA-based Aurora had officially collected close to $1.6bn for its sixth flagship fundraise, beating its initial $1.5bn goal.
While the filing seems to show Aurora does not plan to raise any more capital for the fund, a recent Wall Street Journal report said the firm was now hoping to raise up to $1.8bn for the vehicle, citing unnamed sources.
Aurora typically targets businesses valued between $100m and $500m, deploying between $50m and $300m of equity per deal.
The firm concentrates its capital on industrial services & distribution, specialty manufacturing and software & tech-enabled services companies.
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