Wealth management technology platform AdvisorEngine has taken over Junxure, a client relationship management (CRM) software provider for an undisclosed sum. Junxure’s 12,000 clients manage more than $600 billion in assets.
AdvisorEngine said that the takeover enhances its open-architecture ecosystem and enables it to connect disparate technologies and data to create a unified user experience. The merged entity will allow financial advisers to automate investment and business processes, irrespective of CRM provider.
AdvisorEngine founder and CEO Rich Cancro said: “The next frontier of innovation within financial services is happening at the intersection of personal relationships, data science and automation – which makes native CRM functionality especially powerful.
“I am thrilled to bring the companies together while maintaining Junxure’s culture of innovation and independence.”
WisdomTree Investments, the largest shareholder of AdvisorEngine, will provide up to $30m in capital to AdvisorEngine. Most of the money will be used to fund the deal, while the rest will be used for future technology development initiatives.
Junxure president and co-founder Greg Friedman added: “As the companies are integrated, Junxure clients will gain access to a beautiful user experience that is unified across business management personnel, financial advisers and their clients. AdvisorEngine uses design as differentiation.”
AdvisorEngine will retain Junxure employees as well as plans to hire new staff for its offices in Atlanta, New York and Raleigh.
Friedman will become a strategic adviser in the combined entity. Junxure vice president Mike Sbrocco will become CFO at AdvisorEngine, while Junxure chief information officer Tim Betts will become chief information officer at AdvisorEngine.