A pair of companies that provide technology for independent registered investment advisers (RIAs) are teaming up, creating a new entity that will have its headquarters in Chesterfield.
On Monday, Lenexa, Kansas-based RightSize Solutions and Swanzey, New Hampshire-based True North Networks said they are merging, creating a new company, called Visory, that will offer technology management, cybersecurity and hosting services for RIAs.
Visory is also the parent company of Chesterfield-based Swizznet, which provides cloud hosting technology services for accounting and construction firms. Swizznet, which will maintain its current name, in 2020 acquired RightSize Solutions.
The creation of Visory brings together a pair of companies that share a common owner in Westport, Connecticut-based private equity firm Bluff Point Associates, which purchased Swizznet in 2019 and acquired True North Networks in 2021.
“A lot of spending and technology needs happen in the financial services sector. We’ve been working to build a powerful company that helps accountants and helps wealth managers leverage innovative technology to be more productive and grow their businesses,” said Visory CEO Bob Hollander. “This market is often underserved because they don’t have the technology resources, experiences and skillset to adopt new technology on their own.”
Visory will have 130 employees and more than 4,500 clients, Hollander said. He declined to disclose the projected annual revenue for Visory, but said the deal brings together a pair of fast-growing businesses. He said True North Networks and combined Swizznet/RightSize Solutions firms have had organic revenue growth of greater than 20% year over year. With the creation of Visory, Hollander said the new entity is seeking to expand its headcount.
“This is not a synergy merger where we can eke out a lot of savings and reduce redundancies. We’re keeping everybody and growing the business,” he said.
Founders of True North Networks and RightSize Solutions are taking on new roles with Visory. RightSize Solutions’ founder Wes Stillman will be Visory’s chief technology officer, while True North Networks’ founder Steven Ryder will serve as chief strategy officer.
“After many years of competing with one another, I’m excited to finally collaborate and work with Steven – we share a passion for helping advisors stay connected, cybersecure and compliant with innovative technology that really works for RIAs and others,” said Stillman.
In addition to its headquarters in Chesterfield, Visory has offices in Lenexa, Kansas; Swanzey, New Hampshire; and Scarborough, Maine.