By adding Smonik’s data management and reconciliation software, Dynamo provides the only true end-to-end alternative investment software and data offering for limited partners in the industry
Dynamo Software, Inc., a leading provider of end-to-end cloud software solutions to the alternative investment management industry, announced the acquisition of Smonik Systems, a leader in data management. Smonik provides advanced software that bridges the gap for Limited Partners (LPs) to handle both structured and unstructured data. Dynamo will enhance its world-class platform with Smonik’s automated data collection, extraction, validation and tuning products.
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“In the end, the combined strength of Dynamo and Smonik is unprecedented”
“As financial markets come under further pressure, Dynamo has calibrated its operations to provide robust, best-in-class software for alternative asset managers and institutional investors,” said Dynamo CEO Hank Boughner. “At Dynamo, we built our stack to do the heavy lifting – removing various repetitive and manual processes with configurable dashboards, workflows and reports. Expanding our business with Smonik’s proprietary data management and reconciliation software further fuels our mission to be the leading global, end-to-end software platform for the alternative investment ecosystem. We are delighted to welcome their impressive team to the Dynamo family.”
The acquisition of Smonik, in conjunction with the Dynamo Data Automation (DDA) software, underlines Dynamo’s determination to focus on removing labor-intensive processes, especially those around data extraction and validation. Endowments, foundations, pensions, family offices and funds of funds (FOF) will benefit from Smonik’s ability to reduce or completely eliminate manual data entry and processing. For example, Smonik’s software allows LPs to automate the collection and extraction of data for all investment types – including alternatives – while also taking a data-independent approach to reconcile any two sets of data.
“Ultimately, the combined strength of Dynamo and Smonik is unprecedented,” said Sethu Bijumalla, CEO and co-founder of Smonik Systems. “By joining Dynamo, a company backed by Blackstone and Francisco Partners, we are excited about the additional resources and support to further expand Smonik’s value for private investment clients. In addition, our two companies are built on a culture of excellence, with seasoned professionals fueling the fast-growing, innovative software that simultaneously enables customers to increase efficiency, reduce costs and minimize operational risk.”
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“This is truly a win-win situation for both Dynamo and Smonik’s current and potential customers,” added Stephen Hixon, director and co-owner of Smonik. “Dynamo is leading this industry’s race in delivering compelling end-to-end software, and now, with Smonik, the company is solidifying its leadership in data automation for LPs. We are proud to be part of the next chapter in Dynamo’s story.”
Both Dynamo and Smonik are headquartered in the Boston, MA area, allowing the operations, sales, marketing and product innovation teams to work closely together to ensure seamless integration.
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