D.A. Davidson Acts as Exclusive Strategic and Financial Advisor to TPG Software in Its Sale to Abrigo

NEW YORK--(BUSINESS WIRE)--Apr 2, 2024--

D.A. Davidson & Co. announced today that it served as exclusive strategic and financial advisor to TPG Software, an industry leader in investment accounting and management solutions, in its sale to Abrigo, a leading provider of compliance, credit risk, and lending solutions for financial institutions.

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TPG optimizes critical risk management, accounting, and reporting processes for a diverse range of investments, spanning fixed income, derivatives, and various assets. Renowned as an industry leader, TPG’s innovative solutions seamlessly integrate automated transaction approval into institutional workflows, ensuring alignment with investment policies and risk profiles. Moreover, TPG simplifies accounting complexities by consolidating general ledger entries and comprehensive reporting on a unified platform. With a significant presence across U.S. banks, TPG stands out in the investment accounting solutions market, offering unparalleled expertise and robust capabilities.

TPG Software expands Abrigo’s suite of technical accounting solutions and strengthens its risk management and reporting capabilities, which are vital given the industry’s focus on liquidity, capital requirements, and earnings. Adding TPG to Abrigo’s CECL, stress testing, income recognition, asset/liability management, and credit monitoring solutions fortifies Abrigo’s position as a one-stop shop for the office of the CFO.

“The team at D.A. Davidson was instrumental in driving a successful process for us and we are thankful for the guidance the team provided and appreciative of their commitment to excellence throughout the process,” said Ursula Felmet, CEO of TPG Software. “Their transaction expertise, extensive network, critical thinking, and unparalleled understanding of the industry played a critical role in driving a terrific outcome for TPG Software and its shareholders.”

This transaction highlights the ongoing success of D.A. Davidson’s Technology Investment Banking practice, which has completed 110+ transactions representing approximately $21 billion in value since 2020. With the recent acquisition of Marlin & Associates, D.A. Davidson is one of the most active technology groups in the United States. D.A. Davidson's technology practice brings sector knowledge, transactional expertise, and full-service capabilities to our clients.

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 29 states.

Subsidiaries include D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.

For more information, visit dadavidson.com.

About Abrigo

Abrigo is a leading provider of risk management, financial crime prevention, and lending software and services that help more than 2,400 financial institutions manage risk and drive growth in a rapidly changing world. We deliver transformational technology, product innovation, world-class support, and unparalleled expertise so our customers can face complex challenges and make big things happen.

About TPG Software

Established in 1991 and headquartered in Houston, Texas, TPG Software stands at the forefront of innovative financial software development tailored for the banking industry. Trusted by banks, credit unions, thrifts, broker/dealer firms, municipalities, REITs, and financial advisors nationwide, TPG’s cutting-edge solutions power trade capture, through investment analysis, precise investment and derivative accounting, and robust risk management.

D.A. Davidson & Co. served as exclusive strategic and financial advisor to TPG Software, an industry leader in investment accounting and management solutions, in its sale to Abrigo, a leading provider of compliance, credit risk, and lending solutions for financial institutions. (Graphic: Business Wire)

WASHINGTON (AP) — President Joe Biden has called Japan and India “xenophobic” countries that do not welcome immigrants, lumping the two with adversaries China and Russia as he tried to explain their economic circumstances and contrasted the four with the U.S. on immigration.

The remarks, at a campaign fundraising event Wednesday evening, came just three weeks after the White House hosted Japanese Prime Minister Fumio Kishida for a lavish official visit, during which the two leaders celebrated what Biden called an “unbreakable alliance,” particularly on global security matters.

The White House welcomed Indian Prime Minister Narenda Modi for a state visit last summer.

Japan is a critical U.S. ally. And India, one of the world's fastest-growing economies, is a vital partner in the Indo-Pacific despite differences on human rights.

At a hotel fundraiser where the donor audience was largely Asian American, Biden said the upcoming U.S. election was about “freedom, America and democracy” and that the nation's economy was thriving “because of you and many others.”

“Why? Because we welcome immigrants,” Biden said. “Look, think about it. Why is China stalling so badly economically? Why is Japan having trouble? Why is Russia? Why is India? Because they’re xenophobic. They don’t want immigrants.”

The president added: “Immigrants are what makes us strong. Not a joke. That’s not hyperbole, because we have an influx of workers who want to be here and want to contribute.”

There was no immediate reaction from either the Japanese or Indian governments. White House national security spokesman John Kirby said Biden was making a broader point about the U.S. posture on immigration.

“Our allies and partners know well in tangible ways how President Biden values them, their friendship, their cooperation and the capabilities that they bring across the spectrum on a range of issues, not just security related,” Kirby said Thursday morning when asked about Biden's “xenophobic” remarks. “They understand how much he completely and utterly values the idea of alliances and partnerships.”

Biden’s comments came at the start of Asian American and Pacific Islander Heritage Month, and he was introduced at the fundraiser by Sen. Tammy Duckworth, D-Ill., one of two senators of Asian American descent. She is a national co-chair for his reelection campaign.

Japan has acknowledged issues with its shrinking population, and the number of babies born in the country in 2023 fell for the eighth straight year, according to data released in February. Kishida has called the low birth rate in Japan “the biggest crisis Japan faces” and the country has long been known for a more closed-door stance on immigration, although Kishida’s government has, in recent years, shifted its policies to make it easier for foreign workers to come to Japan.

Meanwhile, India’s population has swelled to become the world’s largest, with the United Nations saying it was on track to reach 1.425 billion. Its population also skews younger. Earlier this year, India enacted a new citizenship law that fast-tracks naturalization for Hindus, Parsis, Sikhs, Buddhists, Jains and Christians who fled to India from Afghanistan, Bangladesh and Pakistan. But it excludes Muslims, who are a majority in all three nations. It's the first time that India has set religious criteria for citizenship.

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Associated Press chief political reporter Steve Peoples and Associated Press writer Aamer Madhani contributed to this report.

FILE - President Joe Biden speaks April 24, 2024, in Washington. Biden called Japan and India "xenophobic" countries that do not welcome immigrants, lumping the two with adversaries China and Russia as he tried to explain the four countries' economic circumstances and contrasted them with the U.S. on immigration at a campaign fundraiser Wednesday evening at the start of Asian American and Pacific Islander Heritage Month, Wednesday, May 1, 2024. (AP Photo/Evan Vucci, File)

President Joe Biden walks to Marine One for departure from the South Lawn of the White House, Tuesday, April 30, 2024, in Washington. Biden is headed to Delaware. (AP Photo/Alex Brandon)