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Asset Vantage Inc., a leader in cloud/mobile-based asset management, accounting and reporting system on the market on Wednesday acquired Santa Clara-based Financial Navigator Inc., a leading provider of integrated general ledger and portfolio tracking software focused on the wealth management in the United States 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.
"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 USD 25 million in assets, estimated at 200,000 households, and families in India with over USD five 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," said Mark Rogozinski, CEO, Asset Vantage North America.
"Financial Navigator pioneered the use of Fintech solutions in the family office accounting market," said. "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," added Sunil Dalal, Chairman of UniDEL Group, Asset Vantage's parent company.
New York-based investment bank Silver Lane Advisors LLC advised Asset Vantage on the acquisition. Terms of the aforementioned acquisition were not disclosed.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)