Financial software firm SS&C Technologies Holdings bought client relationship management provider Salentica for an undisclosed amount, the firms said Monday.
About 100 large advisory and other wealth management firms use Salentica's CRM, which is based on Microsoft Dynamics CRM and Salesforce CRM platforms. Salentica's clients have an average $3 billion in client assets under management.
The Salentica technology will now become part of SS&C's Black Diamond wealth platform and operate as a unit of Windsor, Conn.-based SS&C.
“Fundamentally this is an acquisition about adding deep expertise in CRM, a key component of the adviser technology ecosystem, and being able to bring that experience to large, complex advisory firms,” said Dave Welling, co-general manager of SS&C Advent, in a statement.
SS&C bought portfolio management software provider Advent Software in February 2015 for $2.7 billion. Advent had purchased the Black Diamond portfolio management platform in 2011.
Today about 10,000 financial services entities manage and account for investments using SS&C technology and services, according to the 30-year-old company.