PNC | September 27, 2022
The PNC Financial Services Group, Inc. today announced it has acquired Linga, a point of sale (POS) and payments solutions firm providing an industry-leading, cloud-based restaurant operating system. The acquisition of Linga and its technology will further expand PNC's digital resources and enhance the bank's capabilities to better serve its hospitality and restaurant industry clients.
"This acquisition reflects our continued commitment to expanding our corporate payments capabilities, as well as investing in the solutions and tools our clients need to run their businesses more effectively, Leveraging Linga's proprietary solutions and PNC's competitive treasury management platform, we will be able to provide our restaurant and retail clients with the tools they need to keep up with ever-changing consumer expectations."
- Emma Loftus, executive vice president and head of PNC Treasury Management
Founded in 2004, Linga developed its restaurant operating system, Linga rOS®, which was the first all-in-one, cloud-based operating system introduced to the marketplace. Today, Linga remains an industry-leading provider across the hospitality industry, offering restaurateurs, retailers and others a way to leverage technology to streamline their operations, increase revenue and improve customer experiences. Over the years, Linga has added new functionalities to its operating system to support the needs of today's business owner, including online ordering, payments, QR code-based menus, and virtual kiosks, among others. The company currently serves clients in 48 countries and as of today, will be seamlessly integrated into PNC's existing digital solutions ecosystem.
We believe this is an exciting opportunity to continue to grow our business and support our existing channel partners and clients, and to do so with a company that shares our vision of delivering innovative and high-quality solutions, As we've worked with PNC over the last several years, we've had incredible success with our combined payments capabilities and we look forward to continuing this strategic collaboration as we move forward together,said Onur Haytac, founder and CEO of Linga.
Linga will retain its founder and CEO, Onur Haytac, its existing management team, and U.S. and Canada-based employees, and will continue to operate out of Naples, Fla., and Toronto. Linga will continue to manage its portfolio of channel partners and clients.
Linga is an industry-leading point of sale (POS) and payments solutions company offering a cloud-based, platform-as-a-service solution for the hospitality industry, specifically restaurants. Founded in 2004, Linga was the first processor agnostic, cloud-based POS system designed specifically for the hospitality industry, and remains one of the most sophisticated restaurant operating systems on the market. The Linga cloud-based platform is completely customizable and includes user-friendly functionalities such as online ordering, payments, QR code-based menus and virtual kiosks, among others.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
Solvd and Siguler Guff | October 03, 2022
Solvd Inc., a global technology consultancy and software engineering company, today announced that it has secured a majority investment from Siguler Guff & Company, LP (Siguler Guff), a global multi-strategy private markets investment firm with deep experience in the digital product development industry. With Siguler Guff's support, Solvd can continue to expand its distributed development division and will seek to strengthen its advanced capabilities in test automation, application development, and DevOps for its clients. The Company will also look to further support its management team by adding senior sales and engineering-focused professionals in the U.S.
Founded in 2011, Solvd's team of over 600 engineers spans eight countries in Latin America, North America and Eastern Europe. Solvd services Fortune 500 clients across several high-growth industries including FinTech, Retail, Media & Entertainment, Software and Health & Wellness. In each of the last three years, the Company has doubled its sales by leveraging Zebrunner, their innovative proprietary quality management platform.
"Siguler Guff's investment is an important validator of the truly valuable experience our employees and management team have achieved for our clients, Siguler Guff's industry insights, strong relationships, and collaborative style make them an ideal partner. We are thrilled to be a core investment from their flagship growth fund and welcome Drew Guff and Shaun Khubchandani to our Board of Directors."
-Alex Khursevich, CEO of Solvd
Drew Guff, Managing Director and a Founding Partner of Siguler Guff, commented, Having previously invested in industry leaders EPAM Systems and GlobalLogic, our firm is focused on backing digital transformation. We couldn't be more excited to continue this commitment by partnering with the Solvd team to support the development of their outstanding software product and client services. We look forward to working together in this new phase of accelerated growth and expansion of the Company's delivery footprint.
Shaun Khubchandani, Managing Director and a Portfolio Manager of Siguler Guff, added, Across all sectors, successfully migrating to digital has become a crucial differentiator for businesses globally. Solvd's engineering expertise and IP-focused culture enable it to lead this paradigm shift and competitively gain market share over its competition. The Company provides meaningful opportunities to the growing tech talent base in Europe and Latin America, and Siguler Guff is uniquely positioned to use its sector experience to bolster Solvd's talent base organically and through acquisitions.
Solvd is a global technology consultancy and software engineering company with over 600 engineers located across eight countries in Latin America, North America and Europe. Solvd has built a core competency in software QA and test automation consulting and its solutions have broadened to include custom app development, DevOps, AR / VR development among other solutions which the Company has developed to meet their client's growing needs. The Company has also developed a rich intellectual property library which includes Zebrunner, an innovative proprietary quality management platform. Solvd services Fortune 500 clients across several high-growth industries which include FinTech, Retail, Media & Entertainment, Software and Health & Wellness. Solvd is headquartered in Roseville, CA, and has 7 development centers in Ukraine, Poland, Georgia, Argentina, Brazil, Mexico and a sales office in Hungary.
About Siguler Guff
Siguler Guff is a leading global multi-strategy private markets investment firm, which together with its affiliates, has approximately $17 billion of assets under management, as of June 30, 2022, and over 30 years of investment experience. Siguler Guff seeks to generate strong, risk adjusted returns by focusing opportunistically on market niches. Siguler Guff's core investment strategies include opportunistic and private credit, small business private equity, distressed real estate and emerging markets. Siguler Guff's investment products include direct investment funds, multi-manager funds, and customized separate accounts. Founded in 1991 and headquartered in New York, Siguler Guff maintains offices in Boston, London, Mumbai, São Paulo, Shanghai, Seoul, Tokyo, Hong Kong and Houston, TX.
GeoWealth | September 29, 2022
GeoWealth, a modern turnkey asset management platform (TAMP) built for registered investment advisors (RIAs), today announced several upgrades focused on providing RIAs with more personalization and choice in their investment management programs – including investment guidance, due diligence, service and support. To best serve their clients, contemporary advisors demand greater control, flexibility and customization when managing client portfolios. GeoWealth has responded by expanding its model marketplace, increasing its vetted manager menu by over 200 percent.
Advisors leveraging GeoWealth’s proprietary platform have always had the flexibility to build their own models, select third-party model portfolios, or combine the two via custom Unified Managed Accounts (UMAs). GeoWealth has also further enhanced advisors’ ability to customize on the platform by onboarding Separately Managed Accounts (SMAs) and single asset class or “sleeve-level” strategies to be used as building blocks in UMA allocations.
“Our mission is clear: to empower advisors by offering the technology, infrastructure and back-office resources they can leverage and customize to meet any client’s needs, We are laser focused on building the most RIA-friendly TAMP in the market and these new developments are indicative of our commitment to offering advisors additional customization and investment flexibility.”
-Colin Falls, President at GeoWealth
Investment Consulting Division
For advisors looking for guidance and concierge-level support in building custom UMA solutions, GeoWealth is also announcing the launch of its internal Investment Consulting division. Following the recent hire of Jen Wing as Head of Asset Management in December 2021, GeoWealth has been shaping a hands-on, customizable service model for advisors who desire completely outsourced portfolio and UMA construction and maintenance while retaining their unique brand.
Already well known as the technology-forward, modern TAMP, GeoWealth has grown primarily by way of firms managing their own model programs as well as with firms making their own manager selections, My team will be focused on the segment of the market that desires complete asset management support, including manager selection, portfolio construction, maintenance and white glove service,said Wing.
New Manager Portal
To better enable efficient model-level rebalancing and reallocating, GeoWealth is also announcing the release of its integrated Manager Portal module on the platform. The Manager Portal will allow third-party managers, as well as advisors managing client portfolios, to seamlessly communicate portfolio updates to the GeoWealth trading team for ultimate execution. Additionally, the portal allows asset managers to load their collateral directly to the GeoWealth Model Center for easy access by advisors.
GeoWealth is a turnkey asset management platform (TAMP) and financial technology solution built specifically for the needs of modern RIAs. GeoWealth’s user-friendly, cost-efficient, integrated technology enables advisors to access a diversified lineup of model portfolios and fully offload mid- and back-office responsibilities, including performance reporting, billing, portfolio accounting and more. Via its customizable open-architecture platform, GeoWealth enables advisors and firms to grow faster and serve clients more efficiently. Founded in 2010, GeoWealth is headquartered in Chicago, IL.