Fintech venture studio company Surge Ventures announced that it has acquired Kovair Software, a software development and data integration solution firm. Surge Ventures says it will use the acquisition as a springboard to launch an enterprise integration platform for the wealth management industry.
The new platform will streamline data, applications and workflow management while offering an integration platform experience developed to address the specific needs of the financial services sector, according to a company release.
“With this venture, we aim to tackle the problem of data management in the wealth management industry and to offer products that dramatically improve operational efficiency, data flow and security across software applications for wealth management firms, addressing the industry’s demand for secure and unified data integration solutions,” said Sid Yenamandra, the founder of Surge Ventures.
Yenamandra will become Kovair’s CEO, taking over for Bipin Shah, who will remain on the Kovair board of directors. Before founding Surge Ventures, Yenamandra was CEO and Founder of Entreda, which was acquired by K1 Investment Management and Smarsh in 2020
Kovair is Surge Venture’s second venture company. It joins RegVerse, which was launched last year.
“Combining the deep engineering capabilities and industry knowledge of the two firms unlock new frontiers of innovation,” said Shah. “This is an exciting time for Kovair, its team members and clients. It’s a great opportunity for the two firms to build a remarkable business together. I look forward to remaining involved as an active Board member and contributing to the venture’s future success.”
