Dynamo Software, Inc., today announced that it acquired Smonik Systems to improve its top-rated platform with automated products for data collection, extraction, validation, and reconciliation of Smonik.
Dynamo Software aims at serving as a top global, end-to-end cloud software platform for the alternative ecosystem, meeting our customers’ needs for data exchange and analysis. The business has been offering the global alternative investment market industry-specific, highly customizable cloud software solutions for investment management, reporting, and data management.
Data management and reconciliation services are offered to the financial services sector by Smonik Systems, currently a Dynamo brand. Smonik takes pleasure in creating technologies to automate laborious back-office activities using its considerable history in investment operations. The complete data management procedure is automated by Smonik’s best-in-class, proprietary software.
Hank Boughner, CEO of Dynamo, said, “As the financial markets undergo further stress, Dynamo has calibrated its business to provide robust, best-in-class software for alternative asset managers and institutional investors. At Dynamo, we have built our stack to do the heavy lifting – removing several repetitive and manual processes with configurable dashboards, workflows, and reports. Augmenting our business with Smonik’s proprietary data management and reconciliation software will further fuel our mission of being the leading global, end-to-end software platform for the alternative investment ecosystem. We are excited to welcome their impressive team to the Dynamo family.”
The Smonik acquisition and Dynamo Data Automation (DDA) software provide further evidence of Dynamo’s unwavering dedication to eliminating labor-intensive operations, particularly those involving data extraction and validation. The potential of Smonik to decrease or totally remove human data entry and processing will be advantageous to endowments, foundations, pensions, family offices, and funds of funds (FOF). With Smonik’s software, for instance, LPs can adopt a data-agnostic strategy to reconcile any two data sets while also automating the gathering and extraction of data for all investment kinds, including alternatives.
Sethu Bijumalla, CEO and Co-Founder of Smonik Systems, commented, “Ultimately, the combined power of Dynamo and Smonik is unprecedented. By joining Dynamo, a company backed by Blackstone and Francisco Partners, we are excited by the additional resources and support to further extend Smonik’s value to private investment clients. Additionally, our two companies are built on a culture of excellence, with seasoned professionals who are fueling high-growth, innovative software that simultaneously empowers clients to increase efficiency, reduce cost, and minimize operational risk.”