New York City-based financial markets technology solutions provider Portfolio BI (PBI) has acquired Hentsū, which provides managed services for AWS and Azure cloud platforms. Terms of the deal were not disclosed.
This is technology M&A deal number 187 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Both PBI and Hentsū are portfolio companies of Credit Suisse Asset Management's NEXT Investors, a fintech growth equity group. Both companies list offices in New York, Boston, London, Belgrade and Bangkok on their websites. Hintsū is a partner of AWS, Azure and Google Cloud.
Portfolio BI provides front-to-back solutions for order management, portfolio management, data management and reporting for the buy-side to more than 150 hedge funds, traditional asset managers and fund administrators.
The acquisition will pair the two firms' complementary services and solutions, according to PBI.
Portfolio BI Acquires Hentsū: Cloud Reigns
Jeremy Siegel, CEO of Portfolio BI, commented on the deal:
"For much of the industry, the cloud vs. on-premises discussion is over; the cloud's advantages as a platform for investment management are clear. The remote working environment and increased reliance on digital communication during the COVID-19 pandemic is opening up the prospect for new asset management operating models in the context of a broader digitalization of the industry. This acquisition empowers us to leverage Hentsū's expertise and technology to meet our clients' and the industries' ever-evolving needs."
Hentsū's CEO, Marko Djukic, said:
"We are delighted to join Portfolio BI and to be part of the expanded offering for portfolio managers, investment analysts, risk professionals, and operations teams. As the industry's first managed service provider specializing in public cloud environments, our technology allows managers to scale up or down, pivot strategies, and adapt to changing market opportunities. This offering fits well within the vision, technology and service already offered by Portfolio BI."
Fintech M&A
Also, M&A activity in the financial services vertical has been steady for MSPs. Noteworthy deals include:
- November 2020: Coretelligent, backed by private equity firm VSS Capital Partners, acquired Soundshore Technology Group.
- March 2020: Prytek Holdings invested $50 million in Delta Capita Group, a financial services consulting firm and MSP. Tuck-in acquisitions are expected.
- July 2019: Thrive acquired Tier1Net. Thrive is backed by M/C Partners.
- February 2019: Abacus Group acquired Proactive Technologies. Abacus is backed by WestView Capital Partners, a Boston-based private equity firm.
- September 2018: Data Systems Technology Solutions acquired Unicom Technologies Inc., a regional IT-provider for banks and credit unions.
- July 2018: Thrive acquired InfoHedge Technologies, an MSP and private cloud provider focused on financial services and hedge fund organizations.
- June 2018: H.I.G. Capital invested in Eze Castle in June 2018. At the time, Eze Castle claimed to have more than 650 alternative investment and financial sector customers around the world.
- October 2017: Thrive acquired Precision IT, a New York-based MSP with financial services expertise.
