Berwyn-based Archer has secured an investment from LLR Partners. Plans for the capital include improvements to back-end products, resulting in greater efficiency for the company’s wealth and asset managers, writes Kennedy Rose for the Philadelphia Business Journal.
The specific terms of the deal have not been disclosed. But LLR’s traditional behavior can infer its size. LLR typically invests between $25 million and $200 million in companies.
According to Archer CEO Bryan Dori, with this investment, the Philadelphia private equity firm took a “significant financial minority position” in the fintech company.
In addition to further developing its product suite, Archer also plans to grow its workforce, primarily the sales and marketing team in Berwyn.
So, while it will remain focused on domestic business, the company also seeks to expand internationally, especially in Canada and Europe. To achieve this, Archer has sales positions to fill for these markets as well.
“We look to get the best talent for the best role possible,” said Dori. “And geography may not be the No. 1 predictor of who you hire anymore, given the ability (of) people to work remote and in a hybrid perspective.”
Read more about Archer in the Philadelphia Business Journal.