eVestment, a provider of institutional investment data and cloud-based analytic solutions, has acquired PerTrac, a provider of hedge fund analysis software and workflow solutions, and Fundspire, a cloud-based technology provider of hedge fund analytics.
Terms of the deals have not been disclosed.
With the acquisitions, eVestment now serves over 2,500 clients across the entire investment industry spectrum, including traditional and alternative money managers, consultants and financial advisers, 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 organisational expertise, scale and capabilities these deals will provide for our clients,” says Jim Minnick (pictured), co-founder and chief executive 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. 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 advisers, investment committees and boards. The acquisitions of PerTrac and Fundspire support the expectation that these investment trends will continue and further solidifies the commitment eVestment made to the alternatives space with its acquisition of Hedgefund.net (HFN), a provider of alternatives research and data, in 2011.
“This is a tremendous outcome for our clients and employees,” says 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 fuelled 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,” says Christophe Frèrebeau, founder and chief executive 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 behaviour 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.