Thursday, April 21, 2016

Over the Ve$ta

As far as the Globe can $ee:

"Vestmark the recipient of $30 million from Summit Partners" by Amanda Burke Globe Correspondent  April 14, 2016

Vestmark, a Wakefield company that makes wealth-management software for financial institutions, has secured a $30 million investment from Summit Partners.

Its portfolio management and trading software is used by brokers, advisors, banks, and investment managers. Vestmark announced the new funding Tuesday. The company says it plans to invest the money in sales and software development.

I hope it works better than most of the crap sold to the public.

Founded in 2001, Vestmark’s software manages 1.5 million accounts representing $500 billion in assets. The company employs some 200 people in two offices in Massachusetts and one each in Jersey City and Chicago.

Boston-based Summit Partners finances technology and life-sciences startups. In 2014, Summit was a lead investor in Uber in a funding round that raised $1.2 billion for the ride-hailing company, then valued at $17 billion. Uber’s valuation skyrocketed to $62 billion by December 2015.

Vestmark’s chief financial officer Tiffany Freitas said the funding comes amid a time of heightened scrutiny of financial firms by regulators. Vestmark provides a tool that helps firms stay in compliance with financial rules and regulations.

The recent round of funding is the largest ever for Vestmark. Freitas said the company raised $14 million in a 2006 round from friends and family.

I've got the wrong friends and family then.