Quovo, a US-based investment and brokerage aggregation platform backed by enterprise software producer Salesforce, agreed to an acquisition by banking technology provider Plaid yesterday.
Financial terms of the acquisition were not officially disclosed, but unnamed sources told Bloomberg the deal would be worth up to $200m after performance bonuses have been taken into account.
Founded in 2009, Quovo has developed software that offers financial analytics and data management to investors with bank-level security measures, providing features such as automated clearing house payments, stress tests and internal audits.
Plaid, which has developed technology enabling apps to connect to a user’s bank account, will use Quovo to expand its capabilities to a wider range of assets and build out its digital financial system.
Quovo had received a total of $20m in equity funding as of June 2018 when it closed a series B round of undisclosed size backed by Salesforce’s corporate venturing unit, Salesforce Ventures and Portag3 Ventures, the venture capital arm of financial services provider Power Financial.
F-Prime Capital, a subsidiary of financial services and investment group Fidelity, and asset management firm Napier Park Global contributed to a $10m funding round for the company in 2017, after Long Light Capital had led its $1.4m series A round in 2013.
