SEI acquires Finomial to enhance cloud-native technology

By Joy Dumasia

SEI announced the acquisition of Finomial, an investor lifecycle management firm offering cloud-native financial technology. The technology is expected to be added to SEI’s existing investor-focused platforms to further enhance automation and digitisation capabilities and reporting and transparency.

Finomial’s cloud-based technology is expected to complement SEI’s existing platforms, including SEI Trade, the SEI Manager Dashboard, SEI Investor Platform and the Global Regulatory and Compliance Platform. This technology will add data-mapping tools, flexible data models, and rules engines to further enhance current capabilities. The technology can enhance and streamline existing anti-money laundering and know-your-client services while adding depth and flexibility to data and reporting capabilities.

Finomial Founder and CEO Meredith Moss join alongside 42 engineers, developers, cloud specialists and client service personnel from the U.S. and India. This talented team will support a smooth integration, and their deep domain expertise in cloud development will be an invaluable asset to SEI.

Steve Meyer, Head of SEI’s Global Wealth Management Services, said: “We were impressed with Finomial’s cloud-native investor-focused technology platform. We see potential for immediate applications of their digital collaboration tools and solutions not just in our outsourcing and fund administration services but also in our wealth management solutions. We’re excited to welcome the Finomial team to the SEI family, as we believe their expertise in cloud-native technology will help drive our strategic initiatives as we continue to execute our One SEI strategy. We’re also pleased to welcome Finomial’s clients, who will continue to benefit from Finomial’s technology, as well as SEI’s scale.”