Enlightenment Capital, a government market investment firm, announced investing in Summit Technology Group, a key federal software partner, though the terms and amount of the investment were undisclosed.
Devin Talbott, founder and managing partner of Enlightenment, said in a statement Thursday that STG will serve as the foundation for Enlightenment’s government and regulatory software solutions platform.
For STG’s CEO, Ben Wallace, Enlightenment’s investment would help the company accelerate its product development, expand support across government agencies and continue investing in the financial technology market.
According to Enlightenment, STG is currently deploying its platform to support the Department of the Treasury in enforcing the Corporate Transparency Act. The act requires companies doing business in the United States to report information about the individuals who ultimately own or control them.
STG has deployed its software-as-a-service platforms, with identity assurance and fraud detection features, in more than 275 commercial banking institutions and public sector programs.
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