The acquired business provides services and software including areas such as client onboarding, a critical pain point for many wealth management firms today.

Sagewind Capital, a New York-based private equity firm, and US merchant banking house Berenson Holdings have led the purchase of The Athene Group, a software and services company serving the wealth management industry. Insight Venture Partners and Salesforce Ventures also took part in the transaction as investors. Financial terms of the purchase were not disclosed.

Athene provides a cloud-based product, Skience, to the wealth management industry designed to streamline business processes. Skience’s clients rely on its “agile and intuitive enterprise class platform to power and streamline mission critical business processes including client onboarding with straight through processing, data aggregation, compliance and analytics”, Athene said.

The Skience product is part of the Salesforce “ecosystem”, the firm said.

As compliance burdens continue to mount, with attention focused on areas such as client onboarding and know-your-client tests, technology is seen as a way of removing some of the chores from these processes without putting compliance standards at risk.

Sanjeev Kumar, founder and chief executive of Athene, and Kripa Shetty, co-founder and chief operating officer, will continue in their roles.

Michael Crawford, formerly a principal at The Hackett Group, has joined the Athene team as executive chairman.