Glynn Broussard, CEO of PDS, said, "This represents a significant opportunity for us. Innovest has long been ahead of the curve in the financial technology space and is a proven market leader. We are very pleased."
NEW YORK, NY (PRWEB) August 21, 2017
Innovest announced today that it has completed the acquisition of PDS Companies ("PDS"), a financial technology and services provider based out of Arlington, Texas that specializes in unique and hard-to-value assets (real estate, closely held companies, oil & gas, farm & ranch, notes and mortgages). The deal capitalizes on the continued growth in the alternative and unique asset market. In 2015, PWC released a report indicating that the market was expected to grow from $10 trillion to $18 trillion in by 2020. This deal further cements Innovest's already significant footprint in this market.
"The PDS team has a great deal of expertise in the highly complex but rapidly growing alternative asset market," said Glenn Schmidt, chief executive officer of Innovest. "In addition, PDS has a longstanding reputation for its commitment to outstanding customer service. The expertise of the staff and the loyal client relationships are both a big part of what we found attractive in the deal. We are looking forward to welcoming the PDS team to Innovest."
PDS has been in business for over 30 years and operates several divisions including financial technology software, operational outsourcing, consulting services, and tax services. PDS serves a range of institution types including Ultra High Net Worth (UHNW), Family Office, and International Banks. PDS has created the only integrated platform for the preservation, management, and oversight of unique and hard-to-value assets held in the fiduciary context in the country.
Glynn Broussard, chief executive officer of PDS, said, "Innovest's investment represents a significant opportunity for us. Innovest has long been ahead of the curve in the financial technology space and is a proven market leader. We are very pleased with the growth opportunities this presents us with and we look forward to working with the Innovest team." Broussard and other key management members of PDS will be staying on with Innovest.
The acquisition closed on August 18, 2017. Terms of the deal were not disclosed.
Innovest is a leading provider of financial technology solutions delivered to forward-thinking trust, wealth management, and retirement professionals. Innovest's solutions empower its clients to acquire new customers, invest assets effectively, manage trust and investment portfolios efficiently, and flexibly report results to customers. Innovest has over $425 billion in assets under administration on its trust and wealth management platform, processes more than 4 million payments annually and provides fulfillment services for more than 10 million documents, including checks, advices, and tax forms each year. Innovest's wholly owned subsidiary, FinTech Securities, executes over 69 million equity shares annually. For more information about Innovest, visit http://www.innovestsystems.com. For more information about PDS, visit http://www.pdscompanies.com.