SS&C Technologies, a provider of financial services software and software-enabled services, has agreed to purchase Canada-based Salentica for an undisclosed amount.
Salentica provides client relationship management (CRM) solutions for wealth managers, RIA's, family offices, trust companies, private banks and independent broker dealers.
The company has more than 5,000 users and over $3bn in assets. It offers integrated CRM solutions for both Microsoft Dynamics CRM and Salesforce CRM platforms.
Following the acquisition, Salentica will become a platform partner to the SS&C’s Black Diamond wealth platform and offer support for other SS&C clients including APX, Axys, and Global Wealth Platform.
As per the terms of acquisition, Salentica will operate as a business unit under SS&C. The deal will add 30 employees to SS&C.
Additionally, Salentica president and founder Bill Rourke will continue his role, and will report to SS&C Advent managing director and co-general manager Dave Welling.
Commenting on the acquisition, Welling said: “Fundamentally this is an acquisition about adding deep expertise in CRM, a key component of the advisor technology ecosystem, and being able to bring that experience to large, complex advisory firms.
"We welcome Salentica's unparalleled knowledge and experience in wealth management CRM implementations to clients using the Black Diamond wealth platform and other SS&C solutions in a unique and meaningful way."
Rourke said: "We are excited to enter this next phase of our growth as part of SS&C and to deepen our already strong relationship with the SS&C team. We found that we have a mutual commitment to supporting clients and how the combination of technology and service play a key role in their growth."