Private equity firms Clearlake Capital Group and Symphony Technology Group (STG) have agreed to sell risk management cloud software provider Archer Technologies to private equity house Cinven. Terms of the transaction were not disclosed.

Founded in 2000 and headquartered in Overland Park, KS, Archer provides integrated risk management cloud software solutions with products that encompass compliance, governance, security, audit and ESG.

“This transaction exemplifies Cinven’s ability to deploy our differentiated sector-country matrix to carve-out and invest behind high-growth businesses, and to position them for long-term success as standalone companies,” said Julia Kahr, partner and head of North America at Cinven.

STG acquired Archer in 2020 as a part of its purchase of RSA Security from Dell Technologies, and subsequently partnered with Clearlake in 2021 to establish Archer as an independent business.

Over the course of Clearlake’s and STG’s ownership, Archer was strategically repositioned as a standalone IRM platform. As part of this shift, the company expanded its product offerings with a focus on ESG risk quantification and modeling.

Archer currently has over 1,000 customers across the world, including more than 50% of the Fortune 500 spanning financial services, healthcare, technology, consumer and other end-markets.

The deal is expected to close in the middle of 2023.