Luxembourg-based fund administrator Alter Domus said on Thursday that it has acquired the Solvas suite of business IT solutions from Deloitte Touche LLP, a subsidiary of Deloitte LLP, for an undisclosed amount.
Solvas is a loan and debt servicing software platform that has been developed over 20 years under Deloitte. It serves major asset managers and trustees in the collateralised loan obligation – CLO – markets worldwide, a market important for Luxembourg.
The transaction will see the “vast majority” of Solvas’s over 200 employees join Alter Domus’ data & analytics unit. This unit, founded in 2021 and led by Gus Harris, supports investors and servicers through tech-enabled services “designed to aggregate, analyse and derive insight from financial data.” Alter Domus has reported using Solvas software in the past, for example in its 2021 strategy committee report.
Founded in 2014 as a rebranding of Deloitte’s CDO Suite software, Solvas offers integrated accounting, modelling and credit risk solutions. For example, as part of Deloitte, Solvas offered the “Solvas/Digitize” cloud-enabled service platform for “intelligent automation of data extraction and document management for businesses,” the firm said.
Cloud platform
Alter Domus is a provider of tech-enabled fund administration, debt capital markets and corporate services for the alternative investment industry. The company said it administers 1.8 trillion US dollars in assets for 85 per cent of the world’s top private debt managers, private equity firms and real estate companies. The Solvas acquisition is the latest in a series of investments by Alter Domus in what the firm calls “first-class technology designed to enable, support and accelerate the growth of its clients.”
“The addition of Solvas strengthens and grows our suite of market-leading data and analytics products,” said Doug Hart, Alter Domus’ CEO, in a statement. “Crucially, this enhances our ability to meet private capital’s relentless demand for better data and technology to support their decision-making process.”
Post-Enron spinoff
Alter Domus emerged as a spinoff from PwC Luxembourg following the transformation of the big audit and consulting firms in the wake of the Enron scandal. The company said it has long committed itself to “going where our clients needed us to be by establishing a presence in the world’s most strategic business jurisdictions.” It pursued rapid expansion, for example, in North America early in this decade.
Following the acquisition, Alter Domus will offer the former Solvas’ solutions and services to “a broader set of investors, financial institutions and services,” said the release.
It is the third investment by Alter Domus in advanced technology solutions in the past three years, following Credit-Vision and IEA. Alter Domus has said “the acquisition bolsters and accelerates the ongoing transformation and expansion” of its business. By acquiring Solvas, Alter Domus expands its footprint worldwide, through opening an office in Hyderabad, India, its 38th office.
The acquisition “highlights the transformational journey of Alter Domus to being an increasingly tech-led organisation,” the company said in the release.
Alter Domus was reported to be up for sale by its owners the Permira funds in mid-2022, Bloomberg News reported last summer.