Since an $8 million Series A funding round last May, Irving-based Solovis has been growing in size and revenue as well as through adding fund-level analytics to its financial tech platform.
The company saw a 300 percent increase in revenue over the last year.
The company saw a 300 percent increase in revenue over the last year and has more than doubled its employee headcount said Josh Smith, CEO and co-founder of Solovis. The cash infusion last year also allowed Solovis to acquire Madrone Software, a deal announced in December 2017.
Solovis moved to Dallas in 2015 and serves large-scale investment firms in reporting on and managing investment portfolios through its technology platform.
“Pensions, endowments, foundations, OCIOs, and high-net worth family offices face challenges that are unique in terms of the number of asset classes they need to manage, the number of disparate data sources they need to access and aggregate, the long-term horizon of their investment portfolios, and the need to deliver accurate, impactful reports to a variety of constituents,” said Smith, adding Solovis’ platform offers a single technology solution that addresses all of these challenges.
THE IMPACT OF CAPITAL
The $8 million funding round included a group led by Princeton, New Jersey-based growth equity capital firm Edison Partners along with a group of previous Solovis investors including MissionOG, OCA Ventures, Timberline Ventures, Northwestern University as well as Backstop Solutions co-founder Jeremie Bacon.
At the time, the investment was earmarked for hiring in key areas and to accelerate new product development. In the last year, Solovis has added new clients including pensions, endowments, foundations, OCIOs, and family offices along with the dramatic increase in revenue and more than doubling its employees. Smith said the company also is seeing the size of its product implementations increase, which he viewed as a validation of Solovis’ technology as a mission-critical platform for large-scale portfolio management.
“It has also allowed us to very quickly scale our employee base to meet the fast-growing demand for our technology platform …”
“The funding gave us capital to invest in company growth and product innovation,” Smith said. He described the investment as the fuel Solovis needed to accomplish its growth over the last year.
“It has also allowed us to very quickly scale our employee base to meet the fast-growing demand for our technology platform and ensure we can maintain superior client support as we grow,” he said.
Looking toward the future, Smith said the company is preparing to announce new strategic partnerships and launch at least two new products before the end of the year. It’s also keeping watch for opportunistic acquisitions to deepen its product capabilities.