Toronto-based Nest Wealth has acquired software-maker Razor Logic Systems, an Edmonton-area company that provides banks, investment firms and independent advisors with a platform to generate financial plans for clients. The acquisition was announced in a release on Wednesday.
Financial terms of the deal weren’t disclosed, but Nest Wealth says it’s offering employment to all Razor Logic employees.
Razor Logic chief executive Dave Faulkner, a co-founder, has agreed to remain with the operation based in St. Albert, Alta., northwest of Edmonton.
Razor Logic clients include independent financial dealers, investment firms and a bank, the release said.
For its part, Nest Wealth counts National Bank and Scotiabank-owned MD Financial among its clients. National Bank acquired a minority stake in the digital wealth platform in 2017.
The release said Nest Wealth is now the first business-to-business digital wealth manager to offer comprehensive services for investing and financial planning. “The acquisition represents an important milestone in the industry, as we will now offer users the first digital wealth platform to combine sophisticated financial planning and professional wealth management,” said Randy Cass, founder and CEO at Nest Wealth.
On its website, Nest Wealth says the combined company will be headquartered in Toronto, with offices maintained in both Toronto and St. Albert.
In addition to its business-to-business services, Nest Wealth offers a direct-to-investor robo-advisory service.