Harvey acquires Benchmark to boost asset management
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Harvey has acquired Benchmark, expanding its reach in asset management software. Benchmark is a New York-based decision infrastructure platform for asset managers. As part of the transaction, co-founders Alec Dunn and Connor Janson, along with their team, will join Harvey's product and engineering organisation. The acquisition is Harvey's third this year and follows what it described as a record second quarter, during which it added more than USD $100 million in net-new annual recurring revenue. Harvey already works with 50 asset management firms, including Blue Owl Capital, Bridgewater Associates and KKR. They use its software for tasks such as investment due diligence, data room analysis and deal document review. With the addition of Benchmark, Harvey is moving further into the investment process. According to the company, Benchmark's software is used from the initial screening of deals through to investment committee preparation. Benchmark has built its position with firms representing more than USD $2 trillion in assets under management. Its backers include Y Combinator and the Outsiders Fund. Asset management The deal gives Harvey a stronger footing in a part of the financial industry where firms often place heavy emphasis on internal research, prior deal experience and documented investment processes. Benchmark's product is designed to capture institutional knowledge...
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