While many US financial advisors are probably unfamiliar with Equisoft, the firm is very much interested in the American wealth and insurance market, hence the announcement of its acquisition of Grendel on Friday.
Grendel, which has marketed itself of late as a wealth relationship management (WRM) application, versus customer relationship management or CRM, has been around as a product since 2007. The CRM component of the application is the hub of an extended wealth management platform that includes account aggregation, a client portal, compliance tools, trading and other features as well as integrations with many other third-party vendors.
Terms of the deal, which went into effect May 31, were not disclosed, but Equisoft did note in a prepared statement that the acquisition “advances Equisoft’s growth strategy in the U.S.” The firm is Montreal-based with its software used by financial institutions in 15 countries.
While Equisoft is probably best known for its insurance-related technology offerings, the firm acquired two other Canadian wealth-related technology firms over the last two years including Apeiron Software Ltd. and Planist Ltd.