Singletrack scores Accel-KKR investment

UK capital markets CRM platform, Singletrack, has secured a capital growth investment from investor Accel-KKR to accelerate global expansion plans and strategic M&A.

The amount of the investment wasn’t disclosed.

“As the capital markets grow in opportunity and complexity, we are poised for aggressive market expansion,” said Stuart Berwick, co-founder and CEO of Singletrack.

“This investment from Accel-KKR is a great catalyst for Singletrack and our mission.”

Singletrack currently has two offices in the UK and one in the US, with more than 50 buy and sell-side clients in 29 countries around the globe.

The fintech group provides a customer relationship platform to the sell-side clients while providing buy-side clients with a vendor relationship platform that enables asset managers to capture interactions with brokers and others.

Singletrack’s cloud-based application operates on the Salesforce platform and utilizes automated data capturing and machine learning to provide analytics for capital markets companies.

Last month, recently established Swiss brokerage firm ZKB UK, a subsidiary of Zürcher Kantonalbank, entered into a service agreement with Singletrack to utilise the latter’s client engagement platform.

The newest client win followed the five-year contract renewal signed with UK investment bank Peel Hunt in April.

That same month, Singletrack also entered into a new partnership with Glue42 to integrate its client engagement and analytics platform into Glue42’s desktop integration platform.

Investors back middle-, back-office automation

Accel-KKR is the latest investor to delve into data analytics technologies as financial firms look to strengthen their middle and back-end capabilities.

With the Singletrack investment, Accel-KKR hopes the UK group will be able to establish itself further in the industry.

“Seasoned leaders like Paul and Stuart draw on deep experience within the global investment banking industry and their informed approach has differentiated the company, propelling Singletrack to the forefront of financial CRM tools and positioning it to capitalise on a fragmented marketplace,” said Phil Cunningham, managing director at Accel-KKR.

In April, Canadian cloud-based workforce management software provider SkyHive received a sizeable investment from Deutsche Bank to support the company’s European expansion plans.

That same month, CRM and digital engagement platform, InvestorFlow also received a $30 million Series A investment from Ambina. The investment came alongside the announcement of InvestorFlow’s merger with CRM software platform Cloud Theory.

Financial firms look to data analytics to optimise their services

The investment in data analytics providers has coincided with the increasing adoption of data analytics tools for better workflow optimisation.

In May, Canadian CI Global Asset Management onboarded investment sales platform CapIntel’s technology for streamlined access to fund comparison and analysis tool for personalised proposals to prospective clients.

NASDAQ-listed behemoth Northern Trust partnered with New York-listed cloud-native investment management software provider, Enfusion, to provide mutual clients with simplified workflow services.

In tandem, Northern Trust also teamed up with client lifecycle management software provider, Fenegro.

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