General Atlantic is set to acquire a minority stake in Kyriba, a provider of treasury-management software.

The deal, which is set to value the US-based company at upwards of $3bn, is anticipated to conclude in Q4 2024.

This development comes as General Atlantic outpaced other buyout funds to become a minority investor.

The deal will see Bridgepoint retain its position as the majority shareholder while also reinvesting in Kyriba.

The investment will aid Bridgepoint to give Kyriba a proper leg up in its next phase of growth and plans to deliver robust liquidity performance solutions to companies around the globe to tackle the rising tide of volatility.

Teaming up with General Atlantic will offer the tech company access to a wealth of technological and operational know-how to bolster its the business.

Kyriba chair and CEO Melissa Di Donato said: "With Bridgepoint as a trusted partner, we've achieved significant growth and strengthened our leadership in liquidity performance. We're excited to continue our journey with Bridgepoint and now also General Atlantic.

"Together, we will accelerate our investment in technology and talent, creating innovation that we know our customers will need in the future. This marks the beginning of a new era for Kyriba as we consolidate our position as leader in liquidity performance, grow our business and expand our market share."

Bridgepoint initially secured majority control of Kyriba in 2019 with an investment of $1.2bn (£924m).

The UK-based company had previously contemplated selling, the software provider approximately two years ago, as reported by Bloomberg.

While discussions are still in progress and subject to potential delay, the auction process initiated by Bridgepoint earlier this year sought bids for either a portion or the entirety of Kyriba.

The software company specialises in aiding corporate finance executives to enhance foreign exchange operations, bolster financial controls, and mitigate fraud risks through advanced intelligence and automation solutions.

Kyriba boasts a global client base, serving nearly 3,000 customers across 170 countries.

Its clientele includes high-profile names such as Spotify Technology, Societe Generale, and Warner Bros and Discovery.

The companies did not disclose the financial terms of the deal.

"General Atlantic to acquire stake in US-based tech company Kyriba" was originally created and published by Verdict, a GlobalData owned brand.