Enlightenment Capital invests in workflow, regulatory software provider
Gettyimages.com / Alexander Spatari
By
Ross Wilkers
Summit Technology Group's user base cuts across the federal government and financial services industry.
Government market investment firm Enlightenment Capital has backed a provider of software platforms used by federal agencies and financial institutions to manage workflows.
Founded in 2007, Summit Technology Group touts its software as supporting large government and commercial lending programs in the U.S.
STG also describes its cloud-based technology as helping power government support activities during the COVID-19 pandemic. Terms of the transaction announced Thursday were not disclosed.
“With Enlightenment’s support, we are accelerating our product development, expanding our support across government agencies, and continuing our investments in the financial technology market,” STG's chief executive Ben Wallace said in a release.
At least 275 commercial banking institutions have deployed STG's platforms and some of the public sector use cases involve federal loan, grant and certification processing initiatives.
STG is also deploying its software-as-a-service solution to support the Treasury Department's enforcement of the Corporate Transparency Act via integrated payment processing.
“STG will serve as the foundation for Enlightenment’s government and regulatory software solutions platform, as we look to build on their success to date," Enlightenment founder and managing partner Devin Talbott said in the release.
That indicates STG will be on the lookout for further acquisitions to support its strategy, in keeping with the playbook that Enlightenment is using for space software company Auria and the cybersecurity-focused RealmOne.
Houlihan Lokey acted as the exclusive financial adviser to STG with Dentons as the legal adviser on the sell side. Moore & Van Allen worked as legal adviser to Enlightenment, who also looked to Morrison & Foerster for GovCon legal advisory services.