Brings Next Generation, Cloud-Based Technology to North American Wealth Management Industry
Santa Clara, CA, April 19, 2017 — Asset Vantage Inc., creators of the most sophisticated cloud/mobile-based asset management, accounting and reporting system on the market, announced today that it has acquired Santa Clara-based Financial Navigator Inc., a leading US provider of integrated general ledger and portfolio tracking software focused on the wealth management market.
With the addition of Financial Navigator, Asset Vantage will further its expansion into the wealth management accounting software market in North America, while gaining a seasoned team of developers and customer support personnel anchored in Silicon Valley. The two companies have a combined customer base exceeding 300 families globally.
“We are excited to bring on board Financial Navigator’s industry knowledge and roster of preeminent clients, and we look forward to leveraging the expertise their team brings to the table,” said Mark Rogozinski, CEO of Asset Vantage North America. “Our goal is to expand the capabilities of the combined entity in order to increase our market share, initially focusing on families in North America with over $25 million in assets, estimated at 200,000 households, and families in India with over $5 million in assets, estimated at 250,000 households. The US and India are strategic markets for us – they represent the world’s largest and fastest growing wealth markets, respectively, and will be the foundation in building our global footprint.”
“Financial Navigator pioneered the use of fintech solutions in the family office accounting market,” said Sunil Dalal, chairman of UniDEL group, Asset Vantage’s parent. “Its vision to build a system around the highly complex accounting and reporting needs of multi-generational families was remarkable. Combining our firms will enable clients to benefit from Asset Vantage’s next-generation, fully featured, cloud/mobile-based solution. We are thrilled to add Financial Navigator’s long history of achievement to our own.”
“The entire team at Financial Navigator is eager to join forces with Asset Vantage,” said Ed Van Deman, CEO of Financial Navigator. “Our combined firms will provide clients with an outstanding user experience and we are energized by the additional resources and extended reach that will result from this combination.”
“We are well positioned to expand our client base globally, focusing on high net worth families, through organic and inorganic growth opportunities,” said Sunil Dalal. “With over 7,000 global family offices and hundreds of thousands of families with more than $25 million in assets, we have just scratched the surface of this tremendous market opportunity. These families require the ability to report on all of their assets and investment activities and Asset Vantage’s solutions are specifically designed to meet their complex needs.”
New York-based investment bank, Silver Lane Advisors LLC, advised Asset Vantage on the acquisition. Terms were not disclosed.
Asset Vantage was founded by the UniDEL group as a next generation, cloud/mobile based asset management, accounting and reporting system catering to the complex and discreet financial needs of customers ranging from individual wealth holders to fully staffed family offices and those professionals that service them. The fully configurable software provides a portfolio reporting, reconciliation, data aggregation and analytics tool encompassing all asset classes, currencies and geographies. For more information about Asset Vantage, visit www.assetvantage.com.
For more than 30 years, Financial Navigator has provided accounting and financial software to hundreds of single-family offices, multi-family offices, CPA firms and trust and estate managers, among other customers. The end-to-end software enables clients to aggregate data from multiple managers and reporting entities, analyze investment performance and risk, prepare financial statements and consolidated reports, and confidentially share selected information with financial advisors. Financial Navigator’s clients include some of the most sophisticated professional services firms and well-known families in the United States.
UniDEL, the primary investor in Asset Vantage, is an entrepreneurial group with a focus on technology venturing and multi asset class investing through its single family office, RM Capital. Alongside UniDEL, Eagle Proprietary Investments Limited has also invested in Asset Vantage. Eagle is a globally diversified private investment firm and a leading fintech investor in the US and China. “We are excited to partner with the Asset Vantage team and look forward to assisting with their global expansion in the years to come,” said Deval Dvivedi, Head of International at EPIL. “Having a partner like EPIL to provide guidance with our organic and inorganic strategic plans is indicative of our commitment to play a significant role in the global wealth management market,” said Sunil Dalal. For more information about UniDEL and Eagle visit www.unidel-group.com and www.eagle-investments.com
Media Contact: Mark Rogozinski, firstname.lastname@example.org, +1 857-222-4083.