True North Networks and RightSize Solutions, two competitors that provide cybersecurity and technology management for independent registered investment advisers, are merging to become Visory.
About 2% of the RIA market uses either True North or RightSize to host technology in the cloud, and True North claims 1% of the market share for cybersecurity resources, according to the 2022 T3 Inside Information survey. Both companies were owned by private equity firm Bluff Point Associates.
Bob Hollander will serve as CEO of the combined entity. True North founder Steven Ryder will be chief strategy officer, while RightSize founder Wes Stillman will serve as chief technology officer.
“After many years of competing with one another, I’m excited to finally collaborate and work with Steven — we share a passion for helping advisors stay connected, cybersecure and compliant with innovative technology that really works for RIAs and others,” Stillman said in a statement.
There has been an uptick of M&A among companies like True North and RightSize as advisers look for help in fulfilling cybersecurity obligations, according to InvestmentNews contributor Michael Kitces. Bluff Point acquired RightSize in 2020 and picked up True North in 2021. Cybersecurity provider Entreda was acquired by Smarsh, while RIA in a Box bought Itegria.
“There is a significant positive tailwind for the ongoing growth of RIA-centric compliance technology solutions and their related cybersecurity providers,” Kitces noted.
Visory supports a remote workforce and maintains a headquarters in Chesterfield, Missouri. The company also has offices in Lenexa, Kansas; Swanzey, New Hampshire; and Scarborough, Maine.
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