Three heads are better than one, and to prove it, private equity firms Clearlake Capital and Motive Partners have made a deal with InvestCloud, offering up two of their investment fintech companies as tribute to form a high-capital, high-tech trifecta that is sure to impress investors and clients.
Tegra118 and Finantix will be combining forces and integrating their resources under the InvestCloud umbrella, in a collaboration set to hyper-focus on creating platforms for wealth advising, private banking, and customizable finance solutions. This integration comes as the result of a recent recapitalization, which now values InvestCloud at $1 billion, officially granting it unicorn status. This will grant the company new capital to manage the merger and expand on its software.
InvestCloud’s pride and joy is its Programs Writing Programs software, which augments human intelligence and enables business analysts to do the work of 50 programmers with ease. CEO John Wise also revels at the company’s ability to sort out the hurdles, redundancies, and breaks in the financial system, creating a level of security and reliability that’s already unmatchable among platforms.
Combining this software with existing SaaS principles and the manpower of three companies is sure to increase the firm’s footing in the wealth management and investment market. The goal is to use Tegra118 as the base of the international financial supermarket, as the company already has reach in the U.S. broker-dealer market. The involvement of Finantix will then serve in helping InvestCloud expand further throughout Europe and Asia.
Both CEOs of Tegra118 and Finantix, will be integrated into the InvestCloud management team, reporting to John Wise. Cheryl Nash, of Tegra118, will now serve as head of the Financial Supermarket unit and Christine Mar Ciriani, of Finantix, will lead the Private Banking unit.
This new configuration will grant the company $4 trillion in assets across all platforms, and a yearly revenue nearing $300 million. This will also bring the employee count up by an additional 500 people since 2019, now reaching 900 worldwide. Considering InvestCloud’s humble beginnings in 2010 which involved 15 people working in a garage, this rate of growth is both impressive and encouraging.