Wealthtech solutions provider Orion has agreed to acquire Summit Wealth Systems, a technology provider for investment advisors.
Summit will operate as a brand entity within Orion.
Financial details of the deal remain undisclosed. The deal is slated for completion in early 2025, subject to standard closing conditions.
Upon completion of the deal, Summit CEO Reed Colley will move to Orion as the president of Orion Advisor Technology.
Colley, with 25 years of industry expertise, will report to Orion CEO Natalie Wolfsen.
In addition to Reed, 12 Summit employees will join the Orion team.
Summit offers client reporting and portfolio management software designed for registered investment advisors (RIAs).
Wolfsen said: “Summit’s powerful software will further enhance our unified, flexible tech ecosystem. Reed is a visionary, innovative, highly experienced leader with a deep commitment to helping wealth businesses, financial advisors and investors thrive in today’s dynamic environment.
“With Reed and Summit on board, Orion will accelerate our growth and innovation, supporting financial advisors of all sizes and business models with pioneering, investor-centric technology.
“Together, we have a profound understanding of the unique challenges today’s advisors face, including the complexities of integrating disparate tech stacks and how to deliver personalised client experiences at scale.”
Earlier this month, Orion appointed Chris Shutler as the head of strategy. He reports to the company’s chief financial officer Mark Mayo.
In his new role, Chris leads the corporate strategy development and execution, including market analysis and growth opportunities.
As of 30 September 2024, Orion oversees $4.7tn in assets under administration and $72.5bn in wealth management platform assets, supporting over six million technology accounts and numerous independent advisory firms.
“Orion enters deal to buy wealthtech Summit Wealth Systems” was originally created and published by Private Banker International, a GlobalData owned brand.
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