Orion buys BasisCode to tame its own data tiger including HiddenLevers and the roiling IT trove of 2,200 RIAs with $1.7 trillion AUA
Summary
Orion CEO Eric Clarke purchase builds on a strategy of developing a data capability that helps his firm keep RIAs compliant win enterprise deals head to head against Envestnet-Yodlee Brookes Note: Its almost hard to name a successful software company today that isnt succeeding because it has great sources of data and the ability to spin that straw into gold. Nobody in the RIA business has it nailed. Envestnet bought a big, fancy asset in Yodlee and has spent years working to retrofit it for advisors. BasisCode looks like could be a big piece, at least in terms of giving advisors a macro view of their micro compliance issues and a way to attack problems diagnosed in an automated fashion. Orion promises to keep doing deals but this Atlanta software firm acquisition feels like a milestone because Orion General Counsel Kylee Beach, who counseled caution in 2018, is now saying : Lets go getem.
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