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October 25, 2021

Orion Advisor Solutions acquires software platform BasisCode Compliance

Wealth technology company Orion Advisor Solutions has acquired a software company BasisCode Compliance for an undisclosed sum.

The transaction was signed and closed last week.

Founded in 2011, BasisCode specialises in providing regulatory compliance and risk management technology. Its capabilities include compliance testing, risk assessment, trading surveillance, insider trading, staff certifications and audit-ready reporting.

It counts more than 400 organisations as its customers.

Orion Advisor Solutions general counsel Kylee Beach said: “The adoption of regulatory technology like BasisCode has skyrocketed in recent years due to increasing regulatory complexity, cost pressure and the need for more data collection and analysis in financial services.

“By integrating BasisCode’s extensive compliance capabilities within Orion’s technology stack, we can help clients embody a culture of compliance and make the work they do in their most critical systems more connected and robust.

“This acquisition strengthens Orion’s compliance technology offerings for clients, appealing both to Orion’s core client base of independent financial advisors as well as Enterprise firms such as independent broker-dealers, banks and custodians serving hybrid RIAs.”

As agreed, BasisCode will be included in Orion’s fintech integrations. The combined platform for financial advisors is expected to be launched soon.

All BasisCode employees will also migrate to Orion. BasisCode founder, president and CEO Carlos Guillen will assume the new role of senior vice-president of Tech Products at Orion.

Guillen said: “BasisCode has long been established as one of the industry’s strongest integrated compliance platforms and now we’re thrilled to introduce the broader Orion client base to our simplified, centralized programs and provide them with a more holistic compliance solution.”

Earlier this year, Orion acquired HiddenLevers, which specialises in risk analysis, investment process, and executive oversight in the wealth and asset management space.

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