Falfurrias Capital Partners, a Charlotte-based private equity firm, has bought a controlling interest in Morrisville-based RegEd, which sells compliance software to the financial services industry, from Denver-based StoneRiver Group. The purchase price was not disclosed.
Founded in 1994 by the Schobel family, RegEd sells compliance education and training, risk management, licensing and registration software and services. John Schobel remains CEO.
The Schobel family sold RegEd to Fiserv Inc. in 2003, and it was acquired by the StoneRiver Group in 2008. The company has more than 400 Enterprise clients it helps to efficiently comply with state, federal, FINRA and other regulations impacting broker-dealers, insurance companies and insurance brokers.
Falfurrias Capital said in a press release that its broader strategy focuses on building a diversified regulatory compliance services and technology firm serving financial institutions. The strategy is designed to leverage the industry knowledge and relationships of Falfurrias principals, including co-founders Hugh McColl Jr., former CEO of Bank of America, and Oken, a former Bank of America CFO. So it is a good match for RegEd, which has 130 employees in the Triangle.
“Falfurrias Capital Partners is extremely pleased to partner with RegEd to address the needs of financial institutions confronted by more and increasingly complex regulations,” said Managing Partner Marc D. Oken. “With our deep experience and contacts in the financial services industry, Falfurrias is uniquely positioned to deliver the additional resources RegEd’s outstanding management team needs to grow its already strong brand.”
Schobel will lead the existing RegEd management team and the company will continue operating as a stand-alone entity.
