The sale, Edison said, generated a more than 50% return on its $13 million total investment.
“Solovis has disrupted the status quo in institutional investing and is an ideal fit for a global powerhouse like Nasdaq looking to elevate its technology and analytics capabilities in the investment technology markets,” Tom VanderSchaaff, general partner at Edison Partners, said. “Our capital and value-add to the Solovis team on their growth journey has proven out tremendously well over a short period of time. We’re extremely proud of co-founders Josh Smith and Caleb Doise and the rest of the management team for being great partners in delivering this outcome.”
Solovis, which is based in Dallas, is a provider of a multi-asset class portfolio management platform for institution investors. Its solution will be available through Nasdaq’s eVestment group.
“We’re excited to now be a part of Nasdaq and to continue to transform institutional investing for asset owners and allocators, now with an even broader data and technology footprint and global geographic reach,” Josh Smith, co-founder and CEO of Solovis, said. “The added financial support and operating expertise that Edison Partners provided was instrumental in helping us accelerate Solovis’ growth and bringing us to this milestone. We greatly appreciate their confidence in our vision, which resulted in a top-tier exit in just over three years.”
Smith will continue to serve as CEO of Solovis after the deal has closed.