Docupace, a software provider for wealth management back-office operations, has acquired Hubly, a workflow management platform.
Financial terms of the transaction remain undisclosed.
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Hubly’s platform is designed to streamline financial advisory firms’ back-office operations, offering a no-code solution that allows for the creation, design, monitoring, and management of various processes.
This acquisition is said to save Hubly’s customers “hundreds of hours” through automation in areas such as client onboarding, account opening, and tax preparation.
The integration of Hubly into Docupace’s enterprise-level processes will commence immediately, with a focus on a smooth transition for all stakeholders involved.
Hubly CEO and co-founder Louis Retief said: “We’re incredibly proud of what the Hubly team has accomplished, building a category-defining workflow product and, as we join forces with Docupace, are excited for this new chapter to accelerate functionality and value for the market we serve, pushing the market further towards efficiency and automation.”
In 2021, Docupace acquired automated onboarding platform PreciseFP.
Docupace will provide a six-month, 50% discount off monthly subscriptions for Hubly users looking to tap PreciseFP’s capabilities and vice versa, with firms already utilising both automatically securing the discount from 1 April.
Docupace CEO David Knoch said: “Hubly and Docupace share a passion for taking the complex, cumbersome and most arcane areas of the wealth management industry and transforming them into a unified, transparent and intelligent experience.
“This acquisition perfectly aligns with our strategic vision to deliver a comprehensive back-office ecosystem to the financial services industry and underscores our commitment to delivering exceptional back-office software solutions to TAMPs, broker-dealers, banks, RIAs and more.”
