Docupace, which makes AI-enabled back-office and compliance software, said Wednesday that it is buying InvestEdge, a provider of compliance software for bank trust departments, broker-dealers and RIAs. It also appointed Brian Filanowski as its new chief executive officer.
The deal "represents the natural evolution of our platform strategy, bringing together complementary best-of-breed platforms to serve the industry's most demanding institutions," according to David Knoch, Docupace's departing CEO, who has led the firm since April 2020.
"InvestEdge's 25 years of trusted expertise in trade surveillance and fiduciary compliance, combined with Docupace's operational sophistication, create tremendous upside for any financial institution looking to move faster with less risk," Knoch added.
Filanowski has spent more than 30 years building and leading financial technology platforms and most recently was general manager of Finance Risk & Capital Markets at Dun & Bradstreet. He also held executive roles at Fitch Group, Bloomberg and Thomson Reuters/Refinitiv.
The new CEO "truly understands the power of data and the mission critical role Docupace's portfolio of solutions plays in empowering enterprise firms to run efficiently and compliantly," said Lori Hardwick, executive chair of Docupace's board, in a statement.
"David's strong leadership elevated Docupace to be the back-office software provider of choice and we couldn't be more grateful for his partnership and dedication," Hardwick said.
InvestEdge supports over 100 financial institutions, including 10 of the 50 largest U.S. banks and trust companies, to monitor over 750,000 investor accounts representing more than $3.5 trillion in assets. Its ComplianceEdge platform does mission-critical compliance supervision across investment reviews, trade surveillance and account monitoring.
"I'm thrilled to be joining Docupace at such an exciting point of inflection," said Filanowski, in a statement. "As we look ahead, our plan is to build upon our strong market position and significantly accelerate growth by developing new innovative products that leverage AI, expanding our customer base, and executing on additional strategic acquisitions that bring value to our clients."
Shown in photo: Brian Filanowski and David Knoch.
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