PureFacts Financial Solutions, a wealth management and FinTech solutions provider from Toronto, Canada has acquired Salesforce partner VennScience for an undisclosed sum.
This is M&A deal number 203 that ChannelE2E has covered so far in 2020. The pace of deals has slowed a bit since the coronavirus pandemic emerged, but overall deal volume remains reasonable steady. See the complete M&A deal list here.
VennScience is headquartered in Portsmouth, New Hampshire, and has operations in other key US markets including Boston and New York. The deal also improves PureFacts’ ability to provide “meaningful insights and solutions” to wealth firms, the company said.
PureFacts, founded in 1995, develops a Financial Technology (FinTech) solution help clients reduce attrition and locate data anomalies. The solution, which is powered by Microsoft Azure, uses AI and machine learning to curate the experience to individual companies.
Together, PureFacts and VennScience will take advantage of cross-selling opportunities, and leverage the benefits of shared services to help both companies be more financially efficient, PureFacts said.
The companies will share their North American sales teams with representatives in Boston, New York, and Toronto, along with a UK representative in London, PureFacts announced. The goal is to offer a wider breadth of solutions and services to better serve their wealth management firm clients.
PureFacts Acquires VennScience: Executive Perspectives
In a prepared statement about the deal, Robert Madej, PureFacts founder and CEO, commented:
“We were looking for an exceptional partner to help us achieve our geographic expansion goals, but they had to be as passionate about client success as we are. VennScience had everything we were looking for: technical expertise, business acumen, a track record of driving continuous innovation on the Salesforce platform, and a shared client-centric approach to problem solving. We’re excited to combine the great people and strengths from our two firms.”
Mike McCann, president of VennScience, added:
“We’ve always been hyper-focused on providing an elite level of value to our customers. Joining forces with PureFacts expands the ways we can help our customers solve their biggest challenges and support their growth. But what really sealed the deal for us was how well our values aligned. We’re both insanely customer focused.”
M&A deals in the Salesforce cloud partner ecosystem are quite common.
MSP Financial Services Plays
The financial services arena has proven to be an attractive investment opportunity for MSPs. Stories that ChannelE2E has tracked include:
- April 2020: EMS Consulting acquired Digital Banking Services (DBS DX) a digital transformation services partner for banking and credit unions.
- March 2020: Delta Capita Group, a financial services consulting firm and MSP, received a $50 million equity investment from Prytek Holdings and over $100 million of capital for future acquisitions and client transactions.
- November 2019: PE-backed MSP Coretelligent acquired managed IT services provider SoundView IT Solutions.
- 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.
- 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.
