GTCR, the Chicago-based private equity firm that owns other companies in the wealth management space, has penned an agreement to acquire FMG Suite, a marketing technology company for financial advisors, from Aurora Capital Partners.
GTCR has a long history investing in wealth management and financial technology companies, including AssetMark, Captrust, Foundation Source, and others. The investment will help FMG continue to build out its product suite, expand its AI capabilities and scale enterprise relationships. FMG currently services over 50,000 financial professionals and 3,500 property and casualty insurance agencies.
Aurora, a private equity firm focused on enterprise software and financial technology, has owned FMG since June 2020. Since then, it has helped FMG execute on several acquisitions, including Twenty Over Ten, a digital marketing platform out of State College, Pa.; and Vestorly, a content management engine that, the company says, applies artificial intelligence to curate personalized content for advisors to push out to their clients, in 2022.
“GTCR’s deep knowledge in wealth, marketing and insurance combined with a long track record of scaling category leaders, makes them an ideal strategic partner,” said FMG CEO Scott White, in a statement.
“We’ve known Scott for many years and look forward to supporting him and the FMG team as they scale the platform and deliver increased value to more advisors and professionals, including building on their AI capabilities,” said Michael Hollander, Managing Director at GTCR, in a statement.
FMG Suite, co-founded in 2011, has been buying up its competition for several years. With private equity backing, FMG Suite purchased a few of its competitors starting in 2016, the same year White took over as CEO and president.
Private equity firm K1 Investment Management helped FMG buy website provider Advisor LaunchPad in 2016. The following year, it snagged Agency Revolution, an insurance marketing automation software company that led it into the insurance rep market, and Advisors Assistant, a customer relationship management software provider.
In 2018, FMG bought Peter Montoya’s MarketingPro, a marketing automation platform that held a content library aligned with advisors’ compliance needs, and Platinum Advisor Strategies, which was co-founded by twin brothers and LPL financial advisors Robert and Thomas Fross.
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