Orion to Buy CRM Provider Redtail

Platform provider Orion Advisor Solutions says it is buying Redtail Technology, a web-based client relationship management software firm focused on the wealth management industry, for an undisclosed price.

“This acquisition presents a game-changing opportunity for growth-focused independent advisors, as it will make our robust tech stack ecosystem even more valuable,” according to Orion CEO Eric Clarke. ”Redtail has long been a valued technology integration partner to Orion, and we share a core value of being committed to serving independent advisors.”

Doug Fritz, head of F2 Strategy, tweeted that the deal was ”Big news in the Wealth CRM World…”

He continued, “Redtail just got deeper pockets and a front row seat to Orion’s growing client base! Great news for smaller advisory shops (especially those on BOTH Redtail & Orion). Probably not a big deal for larger wealth shops.”

The deal is expected to close in the second quarter of 2022. Upon completion, “the combined open-architecure platform experience is expected to come to market quickly,” the two firms said. They also will “continue to support their existing technology integrations for clients.”

“The addition of Redtail to Orion will further enhance our user experience,” Clarke said. “By embedding Redtail’s highly regarded, next-generation CRM software with our portfolio accounting and advisor technology, we will connect the advisor-client journey with a highly integrated, most-in-one technology suite.”