Indianapolis-based Archway Technology Partners LLC has been acquired by a global company. As a result of the $80 million acquisition, the Hoosier investment and accounting industry software provider will be called SEI Archway. The value of the deal could reach $88 million if "specific financial targets" are met.
Archway currently employs 125 at offices in Indianapolis, Denver and New York. The company’s revenues are slated to surpass $25 million this year after hitting nearly $18 million in 2016 and $14.1 million in 2015.
Chief Executive Officer Jason Brown founded Archway in 2005 and says the combination will help the company "provide the next level of institutional-quality, state-of-the-art solutions to the family office and wealth management marketplace." He says SEI’s broader asset management commitment "aligns directly with, and is uniquely complementary to, our focus on providing services to the family office, high-end wealth advisory, and institutional wealth management segments." Brown says the acquisition will created expanded opportunities in the future.
SEI Executive Vice President Steve Meyer says "Archway’s specialized technologies and deep knowledge of the private wealth services industry give us a more powerful, differentiated solution to a $7 trillion global family-office market that has been underserved by legacy service providers."
You can connect to more about the acquisition through SEI’s filing with the U.S. Securities and Exchange Commission by clicking here.