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Technology > Investment Platforms

BridgePortfolio, RIA Back Office Provider, Sells to Insignis−Possible Trend?

By John Sullivan

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BridgePortfolio, a back office provider for investment advisors, announced Monday it signed a definitive agreement to be acquired by Insignis Inc., a national data aggregation company for the financial services industry.

The companies currently serve complementary segments of the market. BridgePortfolio is an outsourcer of back office operations for SEC and state registered investment advisory firms. Insignis provides financial-data aggregation services to institutional investment consultants, plan sponsors and investment managers.

The announcement comes on the heels of a similar announcement made by Advent Software on May 13 that it would acquire Black Diamond Performance Reporting for $73 million.

BridgePortfolio, founded in 2000, has 50 customers in the U.S. with aggregate assets under administration of $2 billion.

Peter Dietz, Insignis CEO, claims that “in the custodian data aggregation services alone, Insignis collects position and transaction data on over $2 trillion in assets on a daily basis.”

The companies believe that by combining the two firms, synergies will be realized in operations, product development, infrastructure, sales and marketing and technology.

“BridgePortfolio has developed an impressive suite of tools for supporting the back office of an RIA,” Dietz said in a statement. “When these tools are combined with the operational excellence and financial strength of Insignis, I believe that the combined entity will be uniquely positioned to provide outstanding service to the RIA marketplace.”

The deal calls for BridgePortfolio to operate as a separate, wholly-owned subsidiary of Insignis, Inc. Dietz will become the new CEO and all of the operational staff will be retained.

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