Octavian, a leading provider of Separately Managed Account (SMA) solutions in the Wealth and Investment Management (WIM) industry, today announced the completion of a $10 million, second round of investment led by Vertex Venture Capital, together with Carmel Ventures and Gemini Israel Funds, Octavian’s existing investors. Following the closing of the investment, Elisheva Yakobovich, Partner at Vertex Venture Capital joined Octavian's Board of Directors.
The funding will help Octavian accelerate its sales and marketing activities as well as product development, to provide extended solutions to the fast growing Wealth and Investment Management (WIM) market. Octavian is focused on helping the Wealth Management Industry grow and collaborate with the servicing of managed account products. Analysts predict that the managed account industry will grow to $ 3 trillion in assets under management by 2011.
Octavian, founded in late 2004, develops and markets solutions for the Wealth and Investment Management markets. Octavian simplifies the management and oversight of investment services for multi–platform financial service organizations. Octavian's revolutionary Financial Information Rationalization Engine (FIRE) platform sits at the core of Octavian’s cutting edge revenue management system, reporting reconciliation and data consolidation solutions for the WIM market with support to the DTCC Managed Account Connectivity.
“We are pleased to announce the closing of our investment into Octavian” said Elisheva Yakobovich, Partner at Vertex Venture Capital. “We see a growing demand for various solutions to automate processes such as billing, client reporting and connectivity, which are becoming more and more complex as the services offered by sponsors and asset managers to the mass market are becoming more sophisticated”. “We believe that Octavian has many attributes which will bring great success - a highly seasoned team with deep domain knowledge, targeting a market with significant potential and experienced investors with a proven track record of investments in the financial technology sector – Carmel and Gemini”. “This is the second investment for Vertex in the area of financial technology. Vertex and Carmel recently exited their early stage investment into Actimize, a world leader in the field of brokerage compliance, Anti Money Laundering and Financial Fraud detection and prevention, which was acquired by Nice Systems (Nasdaq: NICE) for $280 million. We see further opportunities for Israeli companies to become market leaders in various sub sectors of the financial technology market. We also believe that Octavian is positioned well to become yet another success story”.
“The new funds will enable us to expand faster into our target markets, accelerate our product development and extend the services and capabilities to meet the demands of our growing number of customers,” said Moshe Barnes EVP and founder of Octavian. “It is a tremendous vote of confidence for Octavian that Vertex Venture Capital joined our existing investors Carmel and Gemini, and we are excited to be backed by such investors while working on this thrilling development in the WIM space. Octavian is uniquely positioned to be the leading provider of integrated solutions and services for the WIM industry.”