Vestmark has raised $30 million from an unnamed private equity firm, two sources familiar with the situation said.
Wakefield, Massachusetts-based Vestmark provides a wealth management technology platform, VestmarkONE, for broker dealers, investment managers and registered investment advisers. The $30 million is for a minority stake of Vestmark, one of the sources said.
A second source speculated that the investor is Summit Partners or Spectrum Equity.
Both Summit and Spectrum invest in financial technology. Boston-based Summit, a growth investor, is an investor in Salient, Focus Financial Partners and Flow Traders. Spectrum, also of Boston, is a growth equity firm that currently owns a stake in BATS Global Markets. (BATS is going public this week, Bloomberg News reported.) Spectrum has also invested iPay Technologies and mortgagebot.
UPDATE: Summit confirmed April 13 that it was investing $30 million in Vestmark.
Founded in 2001, Vestmark manages more than a million accounts, representing over $300 billion in assets under management on the VestmarkONE platform, the company’s website said.
Vestmark reportedly raised $196,000 from private investors in a Series 3 round of equity financing, the Boston Business Journal has reported. Vestmark raised $1 million in funding in 2009, the Boston Business Journal said.
Vestmark, Spectrum and Summit could not be reached for comment.
Action Item: Vestmark can be reached at firstname.lastname@example.org.
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