Empyrean Solutions

What Empyrean Solutions does

Empyrean Solutions, founded in 2008 and headquartered in Woburn, Massachusetts, provides integrated balance sheet and risk management software to banks and credit unions across the United States and Ireland. The company's flagship product, Empyrean ALM®, was purpose-built in the aftermath of the 2008 financial crisis to address asset-liability management challenges. Today, the platform encompasses ALM cash flow forecasting and simulation, liquidity stress testing, behavioral modeling (Model IQ™), Current Expected Credit Loss (CECL) compliance, funds transfer pricing, profitability measurement, and budgeting and planning. All modules share a unified data architecture called Empyrean Dataverse®, ensuring consistent assumptions and outputs across risk, compliance, and performance disciplines, and are deployed via Empyrean Cloud® on Microsoft Azure infrastructure.

The platform is delivered through three primary go-to-market channels: direct enterprise field sales segmented by institution size (Community Banks led by Roxanna Bradford, Large Banks led by Ed Young, and Ireland led by Paul Leahy); managed cloud deployment via Empyrean Cloud®; and Empyrean Outsource, a managed services offering for institutions lacking in-house modeling capabilities. Pricing is organized in three tiers aligned to client asset size (under $3.5 billion, $3.6–$100 billion, and over $100 billion), supporting a recurring subscription revenue model supplemented by advisory and managed services revenue. The company has achieved approximately 40% annual revenue growth since 2017 and received a strategic investment from Hg in November 2024, following an earlier $74 million investment from Spectrum Equity in April 2021.

The company serves hundreds of banks and credit unions, with named customers including Hancock Whitney Bank, Banesco USA, and Pinnacle Bank. Empyrean maintains partnerships with seven US state banking associations and was recognized by Chartis Research as Category Leader in all six categories of the ALM Solutions 2025 RiskTech Quadrant and as winner of the Financial Planning and Budgeting Category in RiskTech100® 2025. The leadership team includes CEO Chris Maclin, Executive Chairman Raffi Festekjian, CTO and co-founder Thomas Rutledge, CFO Steve Tsang, and CPO Kevin Studders.

Name

Empyrean Solutions

Legal name

Empyrean Solutions, LLC

Website

https://empyreansolutions.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Empyrean Solutions provides integrated balance sheet and risk management software to banks and credit unions. Its unified platform spans ALM, liquidity stress testing, CECL, behavioral modeling, FTP, profitability, and budgeting, serving hundreds of institutions across the US and Ireland.

Ownership category

akta.pro rank

Product category

Banking Risk Management Software

NAICS

Software Publishers (5132), Software Publishers (513210)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Cloud Compliance, Audit & Continuous Controls Monitoring (CCM/GRC) (HDABAHAI)

akta.pro secondary industries

Quality Control (QC), Compliance & Audit Tools for Underwriting (FSALALAL), Underwriting Automation & Income/Employment Verification (FSAGAHAD)

Keywords

• Asset liability management
• Banking risk management
• Balance sheet analytics
• Funds transfer pricing
• CECL compliance

Headquarters

HQ city

Woburn

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software Licensing and Subscription: Empyrean licenses its integrated balance sheet and risk management platform to financial institutions of varying asset sizes, with deployment options including cloud-based (Empyrean Cloud) and in-house deployment. Pricing tiers are organized by institution asset size ($3.5B, $3.6B-$100B, >$100B), suggesting tiered subscription pricing.
2. Outsourced ALM Services: Empyrean offers outsourced ALM services for community banks and credit unions that lack in-house modeling capabilities, including balance sheet risk analysis, compliance reporting, behavioral studies (deposit and prepayment), portfolio insights, and advisory from seasoned risk practitioners. This provides an ongoing managed services revenue stream.
3. Advisory and Consulting Services: Seasoned advisory services where Empyrean's risk practitioners participate in clients' balance sheet management processes, including ALCO presentations, policy advising, strategy recommendations, regulatory examination preparation, and board education.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Empyrean Solutions develops and licenses an integrated balance sheet and risk management software platform for banks and credit unions. Its core product, Empyrean ALM, sits on a unified data platform called Empyrean Dataverse and is extended by modules for liquidity stress testing, behavioral modeling (Model IQ), funds transfer pricing, CECL compliance, capital planning/DFAST, profitability measurement, and budgeting and planning. The company also delivers its software via Empyrean Cloud (managed deployment on Microsoft Azure) and provides outsourced ALM and advisory services for institutions that lack in-house modeling resources.

Product overview

Empyrean Solutions offers a unified balance sheet and risk management platform-plus-modules architecture for banks and credit unions. The core platform is Empyrean ALM® for asset liability management, which serves as the foundation for an integrated suite of risk and performance management solutions. The product portfolio includes: Empyrean Risk Management solutions (Empyrean ALM®, Liquidity Stress Testing, Model IQ™ with Deposit IQ/Loan IQ/Credit IQ sub-modules, Balance Sheet Planning, Funds Transfer Pricing, Empyrean CECL, and Capital Planning & Stress Testing); Empyrean Performance Management solutions (Empyrean Profitability™ and Empyrean Budgeting & Planning™); plus Empyrean Cloud® for managed Azure deployment and Empyrean Outsource services. All solutions share a common data platform called Empyrean Dataverse® for consistent assumptions and calculations across risk, compliance, and financial planning.

Differentiator

Problem solved

Functional benefit

Brands

• Empyrean ALM®: Core asset liability management platform providing cash flow forecasting, simulation, and balance sheet management for financial institutions.
• Empyrean Cloud®
• Empyrean Profitability™
• Empyrean Budgeting & Planning™
• Model IQ™
• Empyrean CECL
• Empyrean Dataverse®
• Empyrean Outsource

Products and services

• Empyrean ALM Foundational asset-liability management software for banks and credit unions, providing cash flow forecasting, scenario simulation, and balance sheet management with a fast calculation engine, Excel-based data loading, and transparent reporting for ALCO and regulatory use.
• Liquidity Stress Testing Dynamic liquidity risk module that layers stress scenarios onto balance sheet projections to analyze funding strategies, liquidity impacts, and regulatory compliance for community banks, credit unions, and large banks.
• Model IQ Behavioral modeling platform with Deposit IQ, Loan IQ, and Credit IQ modules that translates customer behavior (deposit decay, loan prepayments, credit performance) into forecastable, defensible cash flows for ALM, CECL, liquidity, and financial planning.
• Empyrean CECL CECL (Current Expected Credit Loss) compliance software that calculates lifetime expected credit losses on a structured, governance-first platform, sharing data and assumptions with ALM, liquidity, and planning to eliminate reconciliation.
• Funds Transfer Pricing Funds transfer pricing module that calculates base funding rates and add-on charges (liquidity premiums, option-adjusted spreads) using the same unified data and calculation framework as Empyrean's ALM and CECL products.
• Balance Sheet Planning Planning module that bridges balance sheet management and budgeting by aligning NII calculations and behavioral assumptions across risk, finance, and treasury teams on the unified Dataverse platform.
• Capital Planning & Stress Testing (DFAST) Integrated credit modeling and stress testing module that simulates losses and capital ratios at the legal entity level and supports DFAST compliance for community banks, credit unions, and regional banks.
• Empyrean Profitability Risk-adjusted profitability measurement software that attributes NII, non-interest income, expense, provision, and capital at instrument, customer, product, business unit, and officer levels for banks and credit unions.
• Empyrean Budgeting & Planning Collaborative budgeting, forecasting, and scenario planning solution that integrates directly with ALM assumptions and supports balance sheet planning, non-interest income/expense planning, payroll, and CAPEX planning for financial institutions.
• Empyrean Cloud Managed cloud deployment of the Empyrean platform hosted entirely on Microsoft Azure, providing 99% uptime, 24/7 access, annual penetration testing, and zero internal IT resource requirements for subscribing institutions.
• Empyrean Outsource Fully outsourced ALM and balance sheet risk management service for banks and credit unions lacking in-house modeling expertise, covering IRR/ALCO reporting, liquidity stress testing, behavioral studies, portfolio insights, regulatory exam preparation, and board education delivered by seasoned risk practitioners.

Quantifiable outcome

• Go into production in a fraction of the time it takes with competing solutions
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Microsoft AzurecoreTechnology or IntegrationEmpyrean Cloud is entirely managed on Microsoft Azure infrastructure, providing the foundation for the company's managed deployment offering. Azure delivers security, reliability, and scalability for Empyrean's financial software platform.
• Illinois Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe Illinois Bankers Association is listed as a partner organization with Empyrean Solutions, suggesting a channel or referral relationship.
• Massachusetts Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe Massachusetts Bankers Association is listed as a partner organization with Empyrean Solutions.
• Minnesota Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe Minnesota Bankers Association is listed as a partner organization with Empyrean Solutions.
• Maine Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe Maine Bankers Association is listed as a partner organization with Empyrean Solutions.
• Texas Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe Texas Bankers Association is listed as a partner organization with Empyrean Solutions.
• Georgia Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe Georgia Bankers Association is listed as a partner organization with Empyrean Solutions.
• California Bankers AssociationminorChannel Partner/ Reseller/ DistributorThe California Bankers Association is listed as a partner organization with Empyrean Solutions.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Fiserv: Major financial services technology provider serving banks and credit unions with core, digital, and risk management capabilities. As a broad incumbent, Fiserv competes through integrated platform bundles rather than best-of-breed ALM analytics.
• Oracle Financial Services Software: Oracle's OFS Analytical Applications suite offers ALM, profitability, FTP, and liquidity risk solutions for large global banks. It competes with Empyrean primarily at the upper end of the market (assets above $100B) and through enterprise procurement cycles.
• nCino: Cloud-native banking platform serving commercial, retail, and credit union markets with workflow automation and analytics. While not an ALM specialist, nCino increasingly encroaches on community-bank treasury and performance management budgets that Empyrean targets.
• FIS (Fidelity National Information Services): One of the largest financial technology incumbents, offering broad banking software including risk, treasury, and compliance modules. FIS competes via bundled core-plus-risk offerings rather than specializing in the community-bank ALM niche Empyrean dominates.

Direct peers

• Moody's Analytics: Direct competitor in bank risk analytics, offering ALM, credit risk, and regulatory compliance solutions (e.g., RiskFrontier, BankFocus). Empyrean's Managing Director for Large Banks previously held leadership at Moody's Analytics, underscoring the direct overlap in targeting mid-to-large U.S. banks.
• SAS Institute: SAS offers risk management, ALM, and regulatory reporting solutions widely used by large banks globally. It competes with Empyrean in stress testing, credit risk modeling, and capital planning, particularly for larger institutions that demand enterprise analytics platforms.
• Finastra: Provides Fusion Risk and other ALM/risk management solutions for banks globally. As a top-three core banking vendor, Finastra competes both as a point solution and as part of broader platform deals, making it a key competitor for Empyrean's large bank segment.
• Abrigo: Provides risk, compliance, and lending software specifically built for community banks and credit unions, mirroring Empyrean's primary GTM. Abrigo's product suite overlaps Empyrean's ALM, CECL, and analytics offerings, making it a head-to-head competitor in the sub-$3.5B asset tier.
• Wolters Kluwer Financial Services: Operates the OneSumX product suite, a direct competitor in ALM, liquidity risk, and regulatory reporting for banks and credit unions. Competes head-to-head in the same regulatory compliance workflows (CECL, DFAST, liquidity stress testing) that Empyrean targets.

Emerging players

• Q2 Holdings (PrecisionLender): Through PrecisionLender, Q2 offers profitability and pricing analytics for commercial banks. It overlaps with Empyrean's Empyrean Profitability and FTP modules, particularly in mid-market commercial banking, where both companies compete for treasury and finance budget allocations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/empyreansolutions
• Xx.com/EmpyreanFinRisk

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empyrean Solutions