Salesforce-Backed Tier1 Buys Satuit to Expand Share With Funds
(Bloomberg) -- Tier1 Financial Solutions, a provider of customer relationship management and compliance software for banks and capital markets firms, is buying Satuit Technologies Inc. to accelerate its expansion into the investment management industry.
The acquisition of Satuit will bolster Toronto-based Tier1’s client list to more than 300 firms worldwide, up from 200, which include six out of the eight largest Canadian banks by assets. Terms of the deal weren’t disclosed.
“The asset management CRM industry has been in transition and consolidating for the last several years,” said Karen Maguire, chief executive officer and founder of Satuit, said in a statement Monday. “This acquisition makes perfect strategic sense with Tier1’s focus on increasing penetration into the buy side and Satuit’s strong asset and wealth management pedigree.” She’ll stay at the company.
Earlier this year, Tier1 bought Alessa, an industry-recognized software product used by firms including banks, credit unions, money services businesses and casinos for compliance to anti-money laundering regulations.
“The addition of Satuit allows us to not only accelerate our expansion into the buy-side with Satuit’s dedicated end-to-end CRM and investor portal solution but also adds to our valuable ecosystem of sell-side banks and corporates,” said Jiro Okochi, CEO of Tier1, whose shareholders include Wavecrest Growth Partners, MassMutual Ventures and Salesforce Ventures.
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