Docupace, a provider of back-office software solutions, announced that it has acquired Vancouver, Canada-based Hubly, a workflow management platform that is designed to enhance operational efficiency in wealth management.
Hubly’s platform automates back-office tasks including client onboarding, preparing for and following up on client review meetings, account opening, tax preparation and training new team members. The firm focuses on ensuring work items are “routed and completed by the right team member at the right time.”
“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,” said Docupace Chief Executive Officer David Knoch. “This acquisition perfectly aligns with our strategic vision to deliver a comprehensive back-office ecosystem to the financial services industry.”
Hubly’s no-code platform, according to the announcement, allows firms to create and manage customized workflows without technical expertise. Docupace said that firms using Hubly have experienced faster growth rates, compared to industry peers.
Docupace’s internal analysis shows financial firms using Hubly have outperformed non-users in terms of asset growth. Among firms with two to five employees, Hubly users posted an average five-year asset growth rate of 33.79%, compared to 14.26% for their RIA peers. Larger firms using Hubly also showed stronger results, Docupace said.
The acquisition follows Docupace’s 2021 purchase of PreciseFP, a client engagement platform. Docupace said it is giving a six-month, 50% discount off monthly subscription fees for all Hubly users that adopt the capabilities of PreciseFP, and vice versa. Firms using both receive the six-month discount only on their PreciseFP subscription, beginning in April.
“Pairing Hubly with PreciseFP provides the most powerful workflow and client engagement platform the RIA market has ever seen. Docupace’s offerings honor our loyal users and provide a true first-mover advantage for RIA firms that want to make manual workflows a thing of the past,” said Knoch.
In July, Docupace announced that it received a majority investment from Genstar Capital.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at michael.madden@wealthsolutionsreport.com.
