eVestment, a premier global provider of comprehensive institutional investment data and cloud-based analytic solutions, announces the acquisition of PerTrac, a leading provider of robust, hedge fund analysis software and workflow solutions, and Fundspire, an innovative, cloud-based technology provider of hedge fund analytics.
Terms of the deals were not disclosed. With the acquisitions, eVestment now serves over 2,500 world-class clients across the entire investment industry spectrum, including traditional and alternative money managers, consultants and financial advisors, funds of hedge funds, corporate and public pensions, endowments and foundations, sovereign wealth funds, banks and brokerages.
"We are very pleased to welcome PerTrac and Fundspire into the eVestment family and very excited about the expanded organizational expertise, scale and capabilities these deals will provide for our clients," said Jim Minnick, co-founder and CEO of eVestment. "Over the past several years, we have seen increasing movement towards a more hybrid model of investing, where alternative and traditional investments stand on equal footing," Minnick continued. "The united company allows us to broaden our footprint in this increasingly combined and singular marketplace, while maintaining our commitments to provide market-leading software and data solutions to both the traditional and alternative investment communities around the world with outstanding client service."
Institutional investors are increasingly shifting allocations into alternative investments creating a need for a comprehensive, integrated suite of tools and data that delivers extensive analysis appropriate for each asset class, while providing the depth, sophistication and reporting required by advisors, investment committees and boards. The acquisitions of PerTrac and Fundspire support the expectation that these significant investment trends will continue and further solidifies the commitment eVestment made to the alternatives space with its acquisition of Hedgefund.net (HFN), a leading provider of alternatives research and data, in 2011.
"This is a tremendous outcome for our clients and employees," said Brendan Dolan, President of PerTrac. "Both eVestment and Fundspire offer innovative web-based analytics solutions serving slightly different segments of the market. Our clients will be well-served by a best-of-breed analytics platform fueled by the incredibly rich data from eVestment while continuing to have opportunities to aggregate data sources through the PerTrac partner program."
"Our clients will immediately benefit from the scale, infrastructure and resources eVestment offers to Fundspire," said Christophe Frèrebeau, founder and CEO of Fundspire. "We have gained market share quickly with hedge fund managers and investors looking for a powerful, easy to use, universally available solution for assessing investment strategies across their portfolio. We believe this cutting-edge capability will provide tremendous value to the combined eVestment client base and that eVestment's deep database solutions, asset flow analysis and information on investor behavior will likewise provide great value to our clients."
Detailed integration plans and joint product roadmaps will continue to be developed and executed over the next 90 days. "We expect to find incredible new opportunities by combining the expertise and innovative mindset of our teams and by managing and redeploying our talented resources onto projects that are most promising and well-received by our clients," added Minnick. "We are confident in an outstanding outcome for all involved."
eVestment was founded in 2000 and is headquartered in Atlanta. Both PerTrac, founded in 1996, and Fundspire, founded in 2009, are headquartered in New York. eVestment and PerTrac have been recognized on the Inc. 500|5000 lists of fastest-growing private companies in America, and all three organizations have received numerous industry awards and accolades for their investment data, analytic and workflow products. eVestment now has 250+ employees with offices in Atlanta, New York City, Chicago, Memphis, Reno, Hong Kong, London and Sydney.