Omaha, Neb.-based Orion Advisor Solutions today announced that it has agreed to acquire Redtail Technology, a web-based client relationship management software firm based in Sacramento, Calif., that serves the wealth management industry.
The transaction is expected to close in the second quarter following the completion of customary closing conditions, including regulatory clearances, a press release said.
Eric Clarke, founder and CEO of Orion, described the acquisition as a “game-changing opportunity for growth-focused independent advisors. … Redtail has long been a valued technology integration partner to Orion, and we share a core value of being committed to serving independent advisors. By embedding Redtail’s highly regarded, next-generation CRM software with our portfolio accounting and advisor technology, we will connect the advisor-client journey with a highly integrated, most-in-one technology suite.”
Redtail co-founder and CEO Brian McLaughlin, who will become Orion’s president of CRM, reporting to Orion CEO Eric Clarke, after the close of the transaction, noted that Redtail’s aim when it was founded nearly two decades ago was to free advisors up to spend more time engaging with their clients and prospects in meaningful ways.
“Now, the opportunity to join Orion will greatly benefit both companies’ client bases via a seamlessly connected, end-to-end technology experience that solves some of their tech integration challenges,” he said, adding that the two companies have worked side-by-side as integration partners for many years. “This is a natural progression for us to come together to benefit RIAs who seek an integrated suite of technology to grow their businesses.”
McLaughlin also will join both Orion’s executive team and its board of directors. In addition to McLaughlin, Redtail’s executive leadership team and employees will continue working out of their existing locations as part of Redtail, which will become a brand entity of Orion, the release said.