Apex Fintech Solutions has acquired Silver Management Group of Companies, which offers business and technology solutions for the investment services industry.
Financial terms of the transaction have not been shared.
Apex intends to strengthen its platform and SaaS offering with the addition of Silver’s capabilities in regulatory cost basis and tax reporting and its cloud-based architecture.
Furthermore, the integration of Silver’s middle office tech stack is expected to poise Apex to offer ‘timely and accurate’ cost basis data and tax reporting information to its clients.
While the new capabilities will benefit its new and existing clients, Apex also plans to offer them as a separate SaaS offering with the aim of offering increased access to a wider range of businesses.
Apex CEO Bill Capuzzi said: “We look forward to leveraging Silver’s solutions as an integrated part of our business and as an independent SaaS offering complementary to Apex’s core custody and clearing operations.
“Partnering with Blake and the Silver team will expand Apex’s suite of solutions, while enabling us to operate more efficiently.”
Silver has been working with Apex for several years as both a cost basis solution provider and a unified wealth data integration partner.
Commenting on the deal, Silver CEO Blake Henry said: “This transaction allows Silver to ‘level up’ – furthering Silver’s longstanding mission to enable secure and timely access to trusted financial information while advancing Apex’s strategic growth strategy.”
The acquisition comes few months after Apex Clearing Holdings, the parent company of Apex Fintech Solutions, announced a merger with publicly traded special purpose acquisition company Northern Star Investment Corp. II.
The transaction would result in Apex becoming a publicly listed company.