Backstop Solutions Group, a Software-as-a-Service provider to the alternative asset management industry, has acquired the PerTrac CMS product line, a customer relationship management tool built exclusively for the institutional investment community.
The business was acquired from eVestment, a provider of institutional investment data and intelligence solutions. Terms of the deal have not been disclosed.
With this acquisition, Backstop now serves over 575 clients in the private investment community, including hedge funds, funds of hedge funds, endowments and foundations, institutional investors, family offices, pensions, private equity firms and consultants. Backstop also opened new offices in New York and London this week to accommodate existing Backstop employees as well as new Backstop team members coming over from eVestment.
Backstop will support CMS clients from its headquarters in Chicago and provide local support in both New York and London. This month Backstop is also celebrating its 10th year anniversary in the private investment industry.
To coincide with this new phase of growth, Backstop has named Clint Coghill as its new chief executive officer. Coghill has been an integral part of the Backstop family since its founding in 2003, helping to shape the business plan, supply the initial investment capital, and act as the founding chairman of the board of directors.
“We are very excited to bring CMS clients over to the Backstop family and to be working with the CMS team to now also offer a best in class SaaS option for CMS clients,” says Backstop president and co-founder Andy Pruitt. “This acquisition is also a great opportunity for us to expand our growth and presence in New York, London and within the entire alternative investment community.”
Backstop’s core offerings include web-based CRM, account management, research management and portfolio management software, in addition to its investor web-portal solution, InvestorBridge. The acquisition of PerTrac CMS includes client-server installed CRM software for centralising email, contacts, documents, due diligence, fund terms, subscriptions and other investor information.
eVestment will retain ownership of PerTrac Analytics, a hedge fund investment analysis tool.