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Portfolio+ Case Study

  • Headquarters: Stouffville, Ontario, Canada
  • Acquisition Date: August, 2019
  • Vertical Market: Financial Services
  • www.portfolioplus.com

Background

Originally founded as Strategic Information Technology (SIT), Portfolio+ has operated for over 30 years. The company is an open banking platform that connects financial service providers with their customers for a personalized banking experience. While the company began as a small technology company focused on helping ease the pain points within backend administration, the company has grown to providing open data structures to over 50 customers. Its innovative software is widely used by Canadian financial institutions for a variety of applications, including lending, guaranteed investment certificates, investments and retail banking.

Volaris was excited to provide Portfolio+ a stable, long-term home and enable the company to continue providing strong support to its customers.

— Mike Dufton, Portfolio Leader, Volaris Group

The Decision to Sell

After 30 years of operation, the founders were planning to retire and looking for a succession plan that met their needs. Particularly, Portfolio+ was aiming to migrate further into the open banking market and the leadership team was looking for a buyer with the capital means to invest in strengthening and accelerating those capabilities.

Portfolio+ had a firm goal of continuing to growing its customer base and was looking for a buyer that had experience in the financial services market and that could provide long-term stability to its clients. The company was also aiming to break into other Canadian financial institutions that they had difficulty selling their services to, due to being a privately held company.

As an operating group of Constellation Software Inc. (CSI), Volaris had the ability and capital means to support Portfolio+ with its goals. Portfolio+ leaders were excited about an acquirer that already had presence within the banking software industry, as well as one that valued the Canadian financial services market. Portfolio+ was confident that Volaris would enable them to grow and ensure that support for its customers remained a priority.

Our senior leadership team can now connect with other colleagues across the Volaris portfolio to collaborate with, and share ideas and best practices. These new relationships have been incredibly beneficial to our team.

— Dianne Cupples, CEO, Portfolio+

Post-Acquisition Success

Since its acquisition by Volaris, Portfolio+ team members have greatly appreciated being a part of a large publicly traded company, and the clear sense of ownership over their success that it has provided. Portfolio+ quickly utilized newly injected capital to invest in further advancing their open platform by increasing available APIs and tooling for the consumer-directed finance movement.

Since joining Volaris, Portfolio+ has grown its peer-to-peer network capabilities, and has begun networking with leaders across the portfolio. Looking forward, Portfolio+ is investigating how they can expand their partnerships with fellow software companies within the Financial Services portfolio. The acquisition has also enabled Portfolio+ to intensify their investments in consumer directed banking, and the company is excited to continue growing its customer base within the market.

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