BOSTON--(BUSINESS WIRE)--Dynamo Software, Inc., a market-leading provider of end-to-end cloud software solutions for the alternative investment management industry, announced today its acquisition of Smonik Systems, a leader in data management. Smonik provides cutting-edge software that closes the gap for Limited Partners (LPs) to process both structured and unstructured data. Dynamo will enhance its world-class platform with Smonik’s automated products for data collection, extraction, validation, and reconciliation.
“As the financial markets undergo further stress, Dynamo has calibrated its business to provide robust, best-in-class software for alternative asset managers and institutional investors,” said Dynamo’s CEO Hank Boughner. “At Dynamo, we have built our stack to do the heavy lifting – removing several repetitive and manual processes with configurable dashboards, workflows, and reports. Augmenting our business with Smonik’s proprietary data management and reconciliation software will further fuel our mission of being the leading global, end-to-end software platform for the alternative investments ecosystem. We are excited to welcome their impressive team to the Dynamo family.”
The Smonik acquisition, combined with the Dynamo Data Automation (DDA) software, underscores Dynamo’s steadfast commitment to focus on removing labor-intensive processes, especially those around data extraction and validation. Endowments, foundations, pensions, family offices, and funds of funds (FOF), will benefit from Smonik’s ability to reduce or completely eliminate manual data entry and processing. For example, with Smonik’s software, LPs can automate the collection and extraction of data for all investment types – including alternatives – while also adopting a data-agnostic approach to reconcile any two data sets.
“Ultimately, the combined power of Dynamo and Smonik is unprecedented,” said Sethu Bijumalla, CEO and Co-Founder of Smonik Systems. “By joining Dynamo, a company backed by Blackstone and Francisco Partners, we are excited by the additional resources and support to further extend Smonik’s value to private investment clients. Additionally, our two companies are built on a culture of excellence, with seasoned professionals who are fueling high-growth, innovative software that simultaneously empowers clients to increase efficiency, reduce cost, and minimize operational risk.”
“This is truly a win-win for both Dynamo and Smonik’s current and prospective clients,” added Stephen Hixon, principal and co-owner of Smonik. “Dynamo is leading this industry’s race in delivering compelling end-to-end software, and now, with Smonik, the company is further cementing its leadership in data automation for LPs. We are proud to be a part of the next chapter in Dynamo’s story.”
Both Dynamo and Smonik are headquartered in the Boston, MA area, allowing the operations, sales, marketing, and product innovation teams to work closely together to ensure a seamless integration.
About Smonik Systems, LLC.
Smonik Systems, now a Dynamo brand, provides data management and reconciliation services to the financial services industry. Using its extensive background in investment operations, Smonik prides itself in developing tools to automate back-office manual processes. The proprietary, best-in-class software delivered by Smonik focuses on automating the entire data management workflow. This includes the collection, extraction, transformation, reconciliation, and integration of both structured and unstructured data. For more information, visit our website or follow us on LinkedIn.
About Dynamo Software, Inc.
Dynamo Software’s mission is to be the leading global, end-to-end cloud software platform for the alternatives ecosystem, serving the information sharing and analytical data needs of our constituents. Since 1998, the company has been providing industry-tailored, highly-configurable investment management, reporting, and data management cloud software solutions to the global alternative investment industry. Dynamo’s cloud-based solutions serve the private investment landscape including private equity and venture capital funds, real estate investment firms, infrastructure, hedge funds, endowments, pensions, foundations, prime brokers, funds of funds, family offices, and fund administrators. The Dynamo™ platform has improved productivity across the alternatives ecosystem, including CRM, fundraising, deal management, research management, investor servicing, portfolio management, and compliance teams worldwide. Dynamo has a global footprint with operations across North America, EMEA, and APAC.
For more information, please visit www.DynamoSoftware.com.