Bluff Point Associates, a Westport, Conn.-based private equity firm, announced today that it has acquired True North Networks.
True North Networks, based in Swanzey, N.H., is an SEC-compliant information technology provider for RIAs and other financial services firms, focusing on managed services, cloud hosting and cybersecurity.
“Technological innovation continues to propel RIAs and the wealth management industry forward as the need for data privacy, network speed and cybersecurity intensifies,” said Kevin Fahey, managing director of Bluff Point, in released comments. “We believe there’s a considerable demand for secure and flexible cloud-based solutions providers that understand how to serve RIAs and the regulatory framework they operate in, and we’re committed to helping True North capitalize on this opportunity.”
Steven Ryder, True North’s president, will continue in his current role, and the company will remain in its New Hampshire headquarters.
Founded by Ryder in 2002, True North was previously employee-owned, which, according to its release, meant that all of its employees benefitted from the acquisition.
“We’re excited about the next phase in True North’s evolution, which enhances our ability to offer RIAs the most critical and innovative enterprise-level IT solutions that are compliant with regulatory guidance, along with our world-class expertise and support,” said Ryder in released comments.
Additional terms of the transaction, which closed on March 12, were not disclosed.