Software maker Docupace said last week that it is acquiring Hubly, a workflow management platform for the back offices of registered investment advisors and wealth managers.
“Hubly and Docupace share a passion for taking the complex, cumbersome and most arcane areas of the wealth management industry and transforming them into a unified, transparent and intelligent experience,” according to Docupace CEO David Knoch.
“This acquisition perfectly aligns with our strategic vision to deliver a comprehensive back-office ecosystem to the financial services industry and underscores our commitment to delivering exceptional back-office software solutions to TAMPs, broker-dealers, banks, RIAs and more,” Knoch added.
The deal with Hubly comes about three-and-a-half years after Docupace acquired the client onboarding platform PreciseFP. As part of its latest transaction, Docupace is offering Hubly users a 50% discount off PreciseFP monthly subscription fees for six months — and the same for PreciseFP users who want to try out Hubly.
“We’re incredibly proud of what the Hubly team has accomplished, building a category-defining workflow product," said Hubly CEO Louis Retief in a statement. "As we join forces with Docupace, are excited for this new chapter to accelerate functionality and value for the market we serve, pushing the market further towards efficiency and automation.”
Analysis of firms using Hubly demonstrates that they have grown assets faster than peers not using the platform, according to data obtained by the platform provider from Discovery Data.
“Pairing Hubly with PreciseFP provides the most powerful workflow and client engagement platform the RIA market has ever seen," Knoch said. "Docupace’s offerings honor our loyal users and provide a true first-mover advantage for RIA firms that want to make manual workflows a thing of the past.”
Docupace CEO David Knoch. Courtesy photo
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