Actua to Acquire FolioDynamix, a Cloud-Based Wealth Management Technology Platform
Mon September 15, 2014 4:00 PM|GlobeNewswire | About: ACTA
RADNOR, Pa., Sept. 15, 2014 (GLOBE NEWSWIRE) -- Actua Corporation (ACTA), formerly ICG Group (Nasdaq:ACTA), today announced that it has reached agreement to acquire FolioDynamix, a leading, secure, cloud-based investment and wealth management platform. In the transaction, Actua would acquire an approximately 97% primary equity interest in FolioDynamix for an estimated $199 million in cash, subject to transaction expenses and "true-up" adjustments for working capital, cash, debt and other items. The consummation of the acquisition, which is subject to a number of customary closing conditions, is expected to occur in the fourth quarter of 2014. Based in New York, FolioDynamix offers wealth service providers and investment advisors a comprehensive, secure, cloud-based wealth management technology platform and advisory solutions for managing the full wealth management lifecycle across all account types, including unified managed account (UMA) and unified managed household (UMH) programs. The company delivers comprehensive solutions to financial advisors, professionals and institutions. Subject to final accounting (including purchase accounting) adjustments, FolioDynamix brings to Actua a current net revenue run rate of over $30 million (approximately $50 million on a gross revenue basis), with positive earnings and cash flow. The company grew over 40% in 2013, and growth is expected to continue at that rate in 2014. |