Fintech software company GBST said it bought WealthConnect which provides an investment platform based wholly on Salesforce, for an undisclosed sum.
WealthConnect is developed by Melbourne's CreativeMass, and is a digital advisor practice management, customer relationship management and compliance system, GBST said.
GBST said WealthConnect provides the company with a complementary solution to its existing software as a service wealth management offerings including the company's Composer platform.
A partnership with Salesforce and an expanded and market leading client base, access to a growing advisor platform market, entry into new geographic regions, and highly skilled development resources are other features the acquisition of WealthConnect provides.
“As the importance of properly integrated fintech continues to grow, we have been assessing the adjacent wealth management CRM market for some time and WealthConnect stands out as being entirely complementary," GBST global chief executive Rob DeDominicis said.
"Every day, thousands of advisors use GBST technology to execute investments, savings, and retirement decisions for their clients."
"The addition of WealthConnect broadens our suite of cloud-based technology offerings that will deliver innovation and efficiencies to advisory and wealth management businesses while driving better customer outcomes,” he added.
In 2019, GBST was acquired by Edinborough headquartered FNZ, which was founded in New Zealand as business unit of Credit Suisse in the country, for $269 million.
Two years later, GBST was sold to private equity fund Anchorage Capital Partners, which now has two members on the fintech's board, although FNZ later on bought back the capital markets division.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
