Apex Fintech acquires tech provider Silver Management Group

abdelaziz Fathi

Apex Fintech Solutions, which went public earlier this year through a merger with a blank-check firm, has acquired Silver Management Group of Companies. The acquired entity offers scalable business and technology solutions for investment services companies. Terms of the transaction were not disclosed.

Silver Solutions caters to brokerage firms and related service providers seeking to reduce operating expenses and enhance client experiences. The company delivers a range of regulatory cost basis processing solutions.

Apex said having Silver Solutions onboard will allow the firm to leverage their expertise in regulatory cost basis and tax reporting. Apex’s clients will also benefit from Silver’s cloud-based architecture.

Meanwhile, Silver Solutions provides cryptocurrency brokers and exchanges with a tax solution to help their clients automate the filing process and prepare for ever-increasing regulatory scrutiny.

Apex says integrating these “mission-critical components” will provide them with an even greater runway for future growth, innovation and enhanced client experience

Apex also confirmed that following its acquisition, Silver would be continuing to sell its products and middle-office tech stack as a standalone SaaS offering to a wider range of businesses.

“We look forward to leveraging Silver’s solutions as an integrated part of our business and as an independent SaaS offering complementary to Apex’s core custody and clearing operations. Partnering with Blake and the Silver team will expand Apex’s suite of solutions, while enabling us to operate more efficiently,” said Bill Capuzzi, CEO of Apex.

Blake Henry, CEO of Silver, added: “Having worked with Apex for several years as both a cost basis solution provider and a unified wealth data integration partner, I am excited for Silver to join forces with Apex as we continue solving real-world problems with innovative investment services solutions. This transaction allows Silver to ‘level up’ – furthering Silver’s longstanding mission to enable secure and timely access to trusted financial information while advancing Apex’s strategic growth strategy.”

Apex Fintech (formerly Apex Clearing) is a financial technology firm that offers clearing, digital custody services and fractional share trading, among others, to its clients. Their offering focuses on enhancing brokerage functions such as opening accounts and onboarding, moving money, deposits and withdrawals.

Apex also opens the door for its partners to include the crypto assets into their clients’ portfolios alongside traditional brokerage assets, which has been disjointed in the past. From a legal and regulatory standpoint, the platform offers compliant custody and trading services for clients in most US states.

The fintech company allows clients to open cryptocurrency accounts to buy and trade tokens. In their initial launch, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin were the first cryptocurrencies Apex supported, with plans to add more coins based on demand.

Apex, owned by financial technology firm Peak6, went public in February through a merger with Northern Star Investment Corp II in a deal that valued the combined entity at $5 billion.

It was the clearing house for no-commission stock app Robinhood until it launched its own clearing service. Apex was also reportedly bidding to provide PayPal with technology infrastructure to launch its stock-trading platform.

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