Objectway Group, an Italian software solutions provider for the wealth management sector, has taken control of Canadian technology start-up Nest Wealth. The transaction involves the implementation of Nest Wealth’s customer service and financial planning solutions, strengthening Objectway’s offering in wealth management and investments. The Toronto-based company also plans to expand into new markets, including Europe, the Middle East, and Africa, through this agreement.
“Objectway is an ideal partner that will ensure our employees and clients the continuation, stability, and exciting future of ongoing solution development to address their needs,” said Randy Cass, founder and CEO of Nest Wealth. The financial terms of the transaction have not been disclosed, but Cass stated in an interview with The Globe and Mail that it is an attractive deal for all shareholders.
Founded in 2014, Nest Wealth offers digital solutions to help financial institutions, asset managers, and trustees manage client investments. Key features of Nest Wealth include digital client servicing, portfolio rebalancing, and personalized ETF portfolios. While the Nest Wealth platform is available to individual investors, it primarily targets financial institutions and advisors, distinguishing it from other robo-advisor solutions like Wealthsimple.
Nest Wealth claims to serve half of Canada’s largest six banks, including the National Bank, which previously funded the start-up with its own venture fund. Objectway has acquired a 100% stake in Nest Wealth, including the shares owned by National Bank.
Founded in 1990, Objectway provides software solutions for wealth management, investments, and assets. The company serves over 200 banks, asset managers, financial institutions, and insurers in more than 15 countries. With the acquisition of Nest Wealth, Objectway significantly expands its presence in the North American market.
According to information obtained from The Globe and Mail, the entire 80-member Nest Wealth team will remain with the company.
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