SS&C Bolsters CRM Capabilities With Acquisition of Salentica

SS&C Technologies has struck a deal to acquire Customer Relationship Management platform developer Salentica in a move that will bolster its portfolio of CRM solutions.

’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,’ said Dave Welling, Managing Director and Co-General Manager of SS&C Advent in a statement from the company.

He said Salentica's experience in wealth management CRM implementations makes the company a big asset to SS&C - No. 36 on the CRN Solution Provider 500 list.

[Related: Solution Provider SS&C To Buy Wells Fargo Business Unit to Bolster Middle-, Back-Office Management]

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SS&C announced the acquisition agreement Monday. The company did not respond by press time for additional details, such as the acquisition price or when SS&C expects to complete the acquisition.

Following the acquisition, the Salentica platform will be integrated with SS&C's Black Diamond Wealth Platform and be used to improve the company's other products, including APX, Axys, and its Global Wealth Platform.

The Windsor Conn.-based solution provider will bring on board all of Salentica's 30 employees, who will bring with them an expertise in integrated CRM solutions for both Microsoft Dynamics CRM and Salesforce CRM platforms, the company said.

Salentica will operate as a business unit under SS&C with its current leadership team, including the acquired company's president and founder Bill Rourke, slated to remain in place.

Under the new organization, Rourke will report to Welling, who is responsible for leading SS&C’s strategy in wealth management.

Currently, Salentica has more than 5,000 customers, with an average firm size of over $3 billion in assets. Clients include registered investment advisers (RIAs), broker-dealers, family offices, institutional wealth managers, and trust companies.

’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,’ Rourke said in a statement, noting that he believes Salentica will play a "big role," in the growth of SS&C.

This acquisition is SS&C's third in 2016. In March SS&C acquired Citi's hedge-fund and private equity administration services arm for $321 million, boosting SS&C's fund administration capabilities and creating the industry's second largest hedge fund and private equity fund administrator. In September the solution provider bought Wells Fargo Global Fund Services to strengthen its middle- and back-office management capabilities for hedge funds and private equity funds.