Discovery Data Holdings, Inc., an Eatontown, New Jersey and Englewood, Colorado-based provider of SaaS solutions to asset managers, wealth advisers, insurance companies, financial technology and service providers, received an investment from Northlane Capital Partners.
NCP invested alongside Discovery Data’s existing management team, including CEO Bob Herrmann who will continue to lead the company. The amount of the deal was not disclosed.
Discovery Data offers a consolidated view of the financial services industry, including all BD and RIA firms, over 700,000 reps, 2,200 trust companies and 1.8 million insurance agents. Access is provided via subscription to an online portal and through a Salesforce app, custom API integrations, and secure HTTPS and FTP sites. In addition, the company provides CRM data hygiene services and experts in data-driven market insight and marketing campaigns.
The company, which will use the proceeds from the investment to continue to expand operations and its business reach, recently acquired the business assets of Financial Media Group.
The acquisition has expanded Discovery Data’s client coverage to 1,200 institutions and over 20,000 users across asset managers, wealth advisors, custodians, clearing firms, insurance companies and service providers.