Odyssey acquires Xeye
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Combination expands Odyssey wealth-asset management platform and creates sizeable North American operation.
Odyssey Financial Technologies, the leading provider of wealth and asset management software solutions, today announced the acquisition of Xeye, a leading provider of wealth management technology in the North American market.
Xeye provides advanced solutions to top wealth management institutions from its base in Mississauga, Canada. Joining Odyssey will accelerate Xeye’s entry into global markets and increase investment in research and development.
Odyssey’s solutions are unique in the wealth management technology industry: its components can be deployed in multiple combinations on a single scalable platform to address the challenges and business goals of leading global companies and regional financial institutions. This acquisition considerably enlarges Odyssey’s CRM and Advisory offer for the wealth management industry and substantially re-enforces its commitment and presence in the North American market.
“Xeye’s acquisition fits extremely well with our objective to be the leading global provider of the wealth and asset management integrated front-end application desktop. Xeye has built a full Java Oracle SOA platform for the front-end wealth management market, which is especially strong in North America within the CRM/Advisory Retail Brokerage area. This complements our strengths in the HNWI/Private Banking Domain significantly,” says Antoine Duchateau, Chairman and CEO of Odyssey.
Odyssey will now be able to service an increasing number of wealth management organisations globally by leveraging the combined strength and expertise of the existing and acquired businesses.
The Xeye WealthManager™ product will continue to be available as a stand-alone solution to wealth management organisations, and the new functional coverage will be integrated into the Odyssey “Wealth & Asset Management Platform” and made available to existing Odyssey customers who run retail private banking business operations.
Customers will benefit from the breadth and depth of the combined Research and Development teams, Odyssey’s corporate strength, and an international network of offices. Xeye customers will also be able to take advantage of a wider range of investment management components including workflow integration and reference data management. Odyssey’s existing customers with high volume processing requirements will be able to benefit from the proven scalability of the Xeye’s technology.
Along with the acquisition of CAfIT, a player in the institutional and funds portfolio management sector, in May last year, this acquisition puts Odyssey in an unparalleled position of strength in terms of functional breadth and coverage in the front-end wealth and asset management desktop arena.
Craig O’Neill, Xeye’s President and CEO comments: “The combination of Odyssey’s range of solutions and Xeye’s WealthManager™ creates a powerful new front-office solution set for wealth management. We are very pleased to become part of Odyssey Financial Technologies and believe that the international office network, larger development capacity and Odyssey’s long-standing experience will serve Xeye customers well, allow us to further advance our market-leading offering and provide significant new international growth opportunities”. Arma Partners LLP acted as financial advisor to Odyssey Financial Technologies.
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