The challenges faced by wealth management firms in handling increasingly large volumes of data is the focus of a newly announced acquisition.
Tech investment firm Surge Ventures has acquired Kovair Software in a move that it says will provide firms with new data integration power to offer streamlined and more efficient processes. The tie-up will enable the launch of a new enterprise integration platform for the wealth management industry.
Sid Yenamandra, founder, CEO and managing partner of Surge Ventures, has been appointed CEO of Kovair and says the aim is to offer products that dramatically improve operational efficiency, data flow, and security across software applications, for wealth management firms, addressing the industry's demand for secure and unified data integration solutions.
“Surge Ventures will leverage Kovair's Omnibus platform to offer an unparalleled solution that simplifies complex integrations and empowers wealth management professionals with enhanced data-first capabilities,” he said in a statement.
Kovair’s award-winning platform supports over 110 different integrations out-of-the-box and empowers organizations to remove data silos and create automations across multiple tools. The fir’s software is used by the U.S. Navy, Worldbank Group, and Intel among others.
“Combining the deep engineering capabilities and industry knowledge of the two firms unlock new frontiers of innovation,” said former Kovair CEO Bipin Shah. “This is an exciting time for Kovair, its team members and clients. It’s a great opportunity for the two firms to build a remarkable business together. I look forward to remaining involved as an active Board member and contributing to the venture’s future success.”
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