Tekk.ai acquires Assyst Software

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Tekk.ai Limited (“Tekk.ai”) announced the acquisition of the entire issued share capital of Assyst Software and Consultancy Limited (“Assyst”) an established provider of client and investment management software for independent financial advisors (“IFAs”). Assyst, which was established in 1996 by Peter Taylor, has a loyal client base who have been using its products for over 25 years. 

Tekk.ai is a Software-as-a-Service (“SaaS”) accelerator which buys and builds SaaS based businesses. The founders of Tekk.ai - Harbir Singh Nat, N.S. Amarnath and Mukesh Kumar have over a hundred years of experience between them in software technologies and investments. 

Harbir, the founder and CEO of Tekk.ai, said that “We are very excited to welcome Assyst into the Tekk.ai family. Not only is this Tekk.ai’s first investment, but it will also be the keystone of our product portfolio in the Wealth Tech sector. Assyst’s users are steadfastly loyal to its products because Assyst has spent decades to understand and address the specific needs of IFAs. We are also delighted that Peter will continue with Assyst in its new home throughout 2023 and beyond, ensuring that Assyst’s clients have continuity of the excellent service provided to them by Assyst and we will have access to his knowledge and expertise to develop the next generation of Assyst products.”

According to the Wealthprofessional.ca the total investment in Wealth Tech around the world reached approximately US$ 8.8 billion in 2021, driven by the significant growth in high-net-worth clients. David Bardsley of KPMG Canada estimates that approximately 23 million such individuals are being serviced globally by financial advisors.

The variety of advice that advisors have to deliver has swelled exponentially, as pointed out by Nilesh Vaidya, EVP & Global Head of Retail Banking & Wealth Management, Cap Gemini. "Advisors need to figure out how to deliver it given their limited time and the size of their teams”. This is the need Assyst is addressing. Its software provides IFAs with the tools to achieve efficiency and meet compliance requirements for the growing complexity of investment advice.

Peter, the cofounder of Assyst, mentioned that “I am delighted with Tekk.ai’s acquisition of Assyst. Assyst will receive the resources and talent required to develop Assyst's product roadmap to deliver enhanced value to its customers. I look forward to working with Tekk.ai to develop Assyst’s new generation of wealth management products.”

Lee Nelson, Director Sales, Assyst, agreed. "With this investment clients of Assyst are assured of continued support and future development of Assyst's product suite."

N.S Amarnath, co-founder and Chief Scientist Officer of Tekk.ai said that “We have heard of Cloud, IaaS, PaaS. Now the goal is to offer domain-based services on the cloud - the first domain being financial advisory services. We are excited at the opportunity to design the next version of Assyst from an API first perspective, enhancing features while preserving the current excellence in user experience.”

For more information please contact Lee Nelson at contact@assyst-software.com or Archita Ghamade at info@tekknology.co.