Alter Domus continues tech growth with fintech buy

Fund administrator Alter Domus has acquired fintech provider Solvas from Deloitte, as the firm continues to expand its technology offering.

Solvas is a leading loan and debt servicing software platform, which also offers services that include accounting, modeling, and risk management. Deloitte developed the platforms over 20 years to serve asset managers and trustee participants in the collateralized loan obligation (CLO) markets internationally.

The deal is meant to add to Alter Domus’ “tech-enabled fund administration,” according to the company.

Gus Harris, head of data & analytics, said that the alternative investment management industry has a well-known technology gap that the administrator aims to bridge. Alter Domus has built a proprietary data and analytics function that the Solvas acquisition will augment.

“These solutions all help the alternatives industry solve one universal problem: poor access to quality data to inform timely investment decisions. Integrating Solvas into our technology suite will give more dedicated accounting, modelling, and credit risk monitoring tools to CLO managers and other private credit investors,” Harris said.

The “vast majority” of Solvas’ more than 200 skilled professionals have joined Alter Domus’ data & analytics unit.

This is the latest tech deal for Alter Domus in the past two years, following its acquisitions of Credit-Vision and Investors Economic Assurance.

A spokesman for the administrator said additional acquisitions could be in the works to strengthen the firm’s technology position. It will also continue developing its proprietary digital solutions.