Omaha, Nebraska-based financial technology company Orion Advisor Solutions has announced it will acquire Rancho Cordova’s Redtail Technology Inc.
Founded in 2003, Redtail offers financial advisers a cloud-based client relationship management, or CRM, platform to communicate with clients while remaining compliant with record-keeping rules.
“This acquisition presents a game-changing opportunity for growth-focused independent advisers, as it will make our robust tech stack ecosystem even more valuable. Redtail has long been a valued technology integration partner to Orion, and we share a core value of being committed to serving independent advisers,” said Orion CEO Eric Clarke, in a news release.
The companies didn't release the value of the transaction.
Orion provides technology to financial advisers through its platform.
The transaction is expected to close in the second quarter of this year, Redtail posted on its website.
Following the merger, Redtail CEO Brian McLaughlin will become Orion’s president of CRM and join the company's board of directors, Orion said.
“In addition to McLaughlin, Redtail’s executive leadership team and employees will continue working out of their existing locations as part of Redtail, which will become a brand entity of Orion," the company said.
As of January, Redtail had 128 employees.
“We’ve worked side-by-side as integration partners for many years; this is a natural progression for us to come together to benefit registered investment advisors who seek an integrated suite of technology to grow their businesses,” said McLaughlin, in a news release. “The opportunity to join Orion will greatly benefit both companies’ client bases via a seamlessly connected, end-to-end technology experience that solves some of their tech integration challenges.”
Orion supports more than 2,300 independent advisory firms with $1.9 trillion in assets under administration.
