Charlotte firm co-founded by Hugh McColl invests in financial tech firm

Falfurrias Capital Partners, a Charlotte-based private equity firm, said Thursday that it has purchased a majority interest in a software company that helps bank and credit unions find marketing opportunities and meet compliance requirements.

As part of the deal, a former Bank of America executive, Susan Faulkner, will become the new CEO of Plano, Texas-based Marquis Software Solutions.

Falfurrias was co-founded in 2006 by former Bank of America CEO Hugh McColl Jr. and Marc Oken, a former Bank of America chief financial officer. Since its founding, the firm has invested in a wide array of companies, ranging from fast food chain Bojangles’ to other financial services firms.

Faulkner started working with Falfurrias about a year ago to help scout out potential investments in technology companies that work with financial institutions, a fast-growing sector in recent years. The former top consumer banking executive left Charlotte-based Bank of America in 2014 after a 30-year career that dated to a predecessor bank in South Carolina.

“We see a tremendous opportunity to grow Marquis organically and through acquisition,” said Faulkner, who will succeed Jay Kassing, one of the sons of Marquis founder Les Kassing.

As CEO, she plans to split time between Charlotte and Texas, Faulkner said. Marquis, which has about 75 employees, will stay based in Plano. Falfurrias did not disclose terms of the deal or any financial information about Marquis.

Falfurrias has now made investments in five financial-related companies, including Capital Bank Financial and Commercial Credit Group, both based in Charlotte. Capital Bank is led by two former Bank of America executives, Gene Taylor and Chris Marshall.

“Financial services is an industry target for us,” Oken said in an interview.

Another former Bank of America executive, Joe Price, has also been helping the firm identify potential investments. He serves as a director at RegEd, a Morrisville-based company that provides compliance technology to the financial services industry. Falfurrias invested in the company last year.

This story was originally published September 29, 2016 at 12:14 PM with the headline "Charlotte firm co-founded by Hugh McColl invests in financial tech firm."