AdvisorEngine, a New York-based fintech firm, announced on Tuesday that it has acquired Raleigh, N.C.-based CRM Software Inc., the maker of client-relationship management software Junxure.
"The next frontier of innovation within financial services is happening at the intersection of personal relationships, data science and automation—which makes native CRM functionality especially powerful," said Rich Cancro, AdvisorEngine’s founder and CEO, in a media release. "I am thrilled to bring the companies together while maintaining Junxure's culture of innovation and independence."
Junxure users will not experience any changes in service with the acquisition, and the combined companies will continue to service legacy users.
AdvisorEngine expects to retain Junxure’s employees and make new hires in its offices in Atlanta and Raleigh. Junxure founder Greg Friedman will serve as a strategic advisor and speak at AdvisorEngine workshops. Junxure Vice President Mike Sbrocco will become AdvisorEngine’s new chief financial officer, while Junxure’s chief information officer, Tim Betts, will occupy the same role with AdvisorEngine.
WisdomTree Investments supported the transaction with a commitment to lend up to $30 million in working capital to AdvisorEngine, $22 million of which will help fund the Junxure acquisition, develop new technologies and pursue other growth initiatives.
Additional terms of the transaction were not disclosed on Tuesday.
Junxure currently has approximately 12,000 users managing more than $6 billion in client assets.