Note from the Publisher: This is an interesting story of sibling unity - rather than rivalry - which makes it awesome just for that fact alone. Investcloud, whose chairman and CEO is John Wise, has acquired Babel for $20M. Babel was founded in 2008 by John's brother Steve Wise. The two had previously co-founded UK stockbroking firm Synergo, which they later sold, and then struck out on their own. Family business relationships (heck, family relationships, PERIOD) can be tough, so it's great to see this story. Investcloud also formed a joint business relationshipwith fintech consulting firm PwC in September 2016, and appears to be on an ongoing growth trajectory.
"California's InvestCloud has acquired UK trade processing and accounting software house Babel Systems for $20 million in a deal which reunites serial entrepreneurs and brothers John and Steve Wise.
Babel, founded in 2008 by long-time fintech veteran Steve Wise, offers a modular API-based platform for trade processing and accounting and counts robo-advisory firm Nutmeg among its client base.
In acquiring Babel, InvestCloud says it will be able to cross-market the UK firm's tech platform to clients that continue to run their books and associated back office processing on outmoded accounting systems that lack modern cloud, mobility and digital capabilities. The firm claims to have some 660 customers in the market for new accounting software."
Source: Finextra