What You Need to Know
- Orion's acquisition of Atlanta-based BasisCode Compliance will strengthen Orion’s compliance technology offering for RIAs and other clients.
- The addition complements what Orion has been doing in the compliance space, T3 head Joel Bruckenstein says.
- The transaction closed Friday. Terms were not disclosed.
The latest acquisition by Orion Advisor Solutions is BasisCode Compliance, an Atlanta-based software firm that specializes in regulatory compliance and risk management technology.
The purchase will strengthen Orion’s compliance technology offering for RIAs and other clients, it said Friday. The firm will add BasisCode to its fintech integrations that help financial advisors to “‘Prospect, Plan, Invest, and Achieve’ within a single, connected digital experience,” according to Orion.
“The combined platform experience is expected to come to market quickly,” the companies said in a joint announcement.
The transaction was signed and closed on Friday, according to the companies. “Additional transaction details will not be disclosed,” they added.
BasisCode “built some fairly comprehensive software, but they had trouble getting wide distribution in the RIA space, perhaps because it was overkill for all but the largest RIA firms,” Joel Bruckenstein, head of Technology Tools for Today, said Friday.
Since then, “there has been a lot of organic and inorganic growth, so there are more firms that can benefit from the technology, and Orion has the distribution,” he told ThinkAdvisor by email.
The addition of BasisCode “complements” what Orion is “already doing in the compliance space,” he added.
Earlier this year, Orion acquired Riskalyze rival HiddenLevers, an Atlanta-based firm that operates a risk analytics and business intelligence platform.
That purchase followed Orion’s merger with Brinker Capital last year, after several months of speculation about the future of Orion Advisor Solutions.