Wealth technology company Orion Advisor Solutions has signed a definitive agreement to acquire web-based client relationship management (CRM) software firm Redtail Technology.
Financial terms of the deal were not disclosed. The transaction is expected to close in the second quarter of this year, subject to regulatory approvals.
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Founded in 2003, Redtail provides technologies and applications that help advisers grow their firms.
Orion plans to integrate Redtail’s CRM technology into its open architecture platform to serve as the foundation for advisors’ tech stacks.
The companies intend to offer the combined technology platform experience soon after the close of the deal as APIs and deep integrations are already set up.
Orion CEO Eric Clarke said: “Redtail has long been a valued technology integration partner to Orion, and we share a core value of being committed to serving independent advisors.
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By GlobalData“The addition of Redtail to Orion will further enhance our user experience. By embedding Redtail’s highly regarded, next-generation CRM software with our portfolio accounting and advisor technology, we will connect the advisor-client journey with a highly integrated, most-in-one technology suite.”
Following the transaction, Redtail will become a brand entity of Orion.
The firm’s co-founder and CEO Brian McLaughlin will assume the role of CRM president at Orion and report to Clarke. He will also be part of both Orion’s executive team and its directors board.
Redtail’s executive team and employees will continue to operate from their current locations.
Both Orion and Redtail will continue to support their existing technology integrations for clients as open architecture platforms.
Commenting on the deal, McLaughlin said: “Our aim has always been to free advisors up to spend more time engaging with their clients and prospects in meaningful ways.
“Now, the opportunity to join Orion will greatly benefit both companies’ client bases via a seamlessly connected, end-to-end technology experience that solves some of their tech integration challenges.”
Last year, Orion acquired software firm BasisCode Compliance to expand its technology stack.
