Carpio Solutions, a provider of software and services, has closed on an undisclosed amount of funding from Palladium Equity Partners, a private equity firm based in New York.
While not disclosing how much Carpio raised, founder and Chief Executive Officer Marco Fregenal said the capital would be used for expansion of operations in the U.S. and Latin America.
In a statement, Palladium, which currently has some $1 billion under management, said Carpio planned to make “several acquisitions.” Carpio also plans to expand its infrastructure and hire additional personnel.
Carpio offers software, solutions and services for mid-sized businesses. The company has operations in Brazil, Mexico and Panama in addition to its headquarters in Cary.
Fregenal, a serial entrepreneur, has worked in the past with HowStuffWorks, where he was a co-founder, and Ultimus, where he served as president and chief operating officer.
“I first invested behind Marco Fregenal more than a decade ago and have long been impressed by his drive, business judgment and entrepreneurial spirit,” said Gary Nusbaum, managing director at Palladium, in a statement. “We are excited about the opportunity to build Carpio into a world-class software and services company.”
Carpio’s lead product, GesFin Planning, is designed for financial planning and monitoring corporate performance.
“I am excited to join forces with Gary Nusbaum and Palladium Equity Partners,” Fregenal said in a statement. “I began working with Gary over 12 years ago and it has been a long and fruitful relationship. Gary and the Palladium team bring many years of experience helping companies grow. More importantly, they recognize the challenges young companies face and are eager to help. Having Palladium as a partner will be an enormous asset as we expand our business both in the U.S. and Latin America.”