By Cindy Taylor/Publisher
Wealthtech platform AdvisorEngine, with over 15,000 users across roughly 1500 firms, has announced a complete rebranding of Junxure, their CRM solution for financial advisors. AdvisorEngine announced their acquisition of Junxure at the beginning of the year. The purpose of the acquisition was to enhance its open architecture ecosystem and provide an integrated platform with multiple capabilities for their users.
WisdomTree Investments, the firm's largest investor, committed up to $30M in capital for the acquisition and the development of new technologies at the time of purchase. It was promised that, upon acquisition by AdvisorEngine, Junxure would continue to maintain a separate identity and branding, but with enhancements, which today's news affirmed.
“This new brand identity builds upon Junxure history and opens the door to the future of smart automation,” said Craig Ramsey, Chief Operating Officer of AdvisorEngine. “Today’s announcement brings in a new era for Junxure. It is a small but important step in our journey.”
“Following the Junxure acquisition, financial advisors have shown tremendous excitement about our vision,” said Rich Cancro, founder and CEO. “We are thankful for the support of Junxure clients and look forward to continued investment in new functionality and third party integrations.”
Since the acquisition, it has been reported that Junxure's sales have been expanding at a record pace, and are on track to surpass all prior revenue in their 17-year history. The Raleigh-based firm has also expanded their workforce by 25% in the past 5 months.
In February, 2017, AdvisorEngine acquired the wealthtech firm Wealthminder, a cloud-based offering that enables financial advisors to collaborate with clients to help them reach their financial goals. In the case of that acquisition, while there is still a separate Wealthminder website, the product has been integrated onto the AdvisorEngine platform and all links from the Wealthminder website now drive visitors to the AdvisorEngine website.
All in all, it appears AdvisorEngine is fully committed to providing an integrated experience for their clients. We've seen similar acquisitions by Northstar and SS&C in the recent past as well.
Let's see who they queue up next for acquisition.