Docupace, a provider of back-office software solutions for WealthTech enterprises and financial advisors, has acquired Hubly, a workflow management platform.
Hubly specializes in enhancing operational efficiency and client service for registered investment advisors (RIAs) and wealth management firms.
The acquisition of Hubly by Docupace is a strategic move aimed at expanding their comprehensive back-office ecosystem for the financial services industry. Although the exact financial terms of the deal were not disclosed, the merger is aligned with Docupace’s vision to streamline and enhance the operations of TAMPs, broker-dealers, banks, and RIAs.
Docupace delivers critical software solutions that simplify complex, back-office operations in the wealth management industry, improving transparency and efficiency. Hubly’s platform, on the other hand, focuses on managing client service workflows effectively, ensuring tasks like client onboarding, account management, and tax preparation are executed flawlessly.
This acquisition also includes the integration of Hubly into Docupace’s suite of services, starting immediately to ensure a smooth transition for employees, clients, and partners. The merger builds on previous strategic acquisitions, such as the purchase of PreciseFP in 2021, further bolstering Docupace’s market position.
Docupace has identified that automating processes can significantly boost the growth and profitability of financial advisory firms. Comparative data shows that Hubly users have experienced more rapid AUM growth over one and five-year periods than their RIA peers.
“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,” Docupace Chief Executive Officer David Knoch 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,” Hubly CEO and Co-Founder Louis Retief said.
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