Nasdaq has acquired a privately held, Irving-headquartered financial technology company, Solovis. The startup’s platform includes multi-asset class portfolio management, reporting tools, and analytics across public and private markets. As part of the deal, all Solovis solutions will become part of Nasdaq’s eVestment group.
The Solovis team will continue to operate out of their offices in Irving, Charlottesville, Virginia, and San Francisco. Solovis is a portfolio management software provider with a cloud-based platform that helps pension funds, endowments, and foundations. The platform is designed to provide a more holistic view of large-scale portfolios with multiple asset classes.
“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,” Smith previously told Dallas Innovates.
The recent deal lines up with Nasdaq’s strategy of beefing up its technology and analytics offerings. Terms of the acquisition weren’t disclosed.
eVestment is a Nasdaq company that covers public and private markets with institutional investment data, analytics, and market intelligence. Nasdaq said asset managers and general partners use the eVestment platform to reach the institutional marketplace, and institutional investors and consultants use it for manager due diligence, selection and monitoring, and more.
With the addition of Solovis, Nasdaq will be able to bolster their capabilities to serve the investment community, according to Lauren Dillard, executive vice president and head of Nasdaq’s Global information Services Group. Nasdaq’s more than 600 eVestment institutional users will gain access to Solovis’ cloud-based fintech platform.
It will also broaden eVestment’s portfolio analysis and monitoring.
“Nasdaq’s mission is to provide transparency and data to the financial world, all through modern technology,” Dillard said. “Together, they create a global leader of proprietary content, insights and portfolio analytics.”
Before the acquisition, Solovis had been active in capital growth. For starters, an $8 million series A funding round in 2018 led to a 300 percent increase in revenue, and a doubled employee headcount. Then, there was a $4.54 million equity offering round last October, which concluded in a total of $19.5 million in funding over five rounds, per Crunchbase.
LinkedIn named the fintech company a Top 2018 Startup, and CEO and Co-founder Josh Smith was an EY Entrepreneur of the Year award finalist in the Southwest region last year.
“We founded Solovis on the commitment to help asset allocators make better investment decisions through robust data and analytics,” Smith said in a statement. “Our mission aligns seamlessly with eVestment’s and makes us well-positioned to capture the opportunities inherent in the evolving global markets landscape. We are excited to join the Nasdaq family through this acquisition.”