Orion said Thursday that it has agreed to acquire Summit Wealth Systems, the wealth management technology provider, and is bringing on board its co-founder, technology entrepreneur Reed Colley, to lead the broader Orion technology business.
Colley is best known for having founded Black Diamond, an early innovator of cloud-based financial services technology that was acquired by Advent Software in 2011 (itself later acquired by SS&C). He co-founded Summit Wealth in 2019 alongside Anthony Sperling, a former Advent executive.
At Orion, Colley will report to CEO Natalie Wolfsen, taking on the title of president of Orion Advisor Technology some four months after Brian McLaughlin departed the role. The deal is expected to close in early 2025, and financial terms were not disclosed.
“Summit’s platform is all about creating a uniform client experience, both for the advisor and the end investor, with an emphasis on integrating disconnected technology,” Wolfsen told ThinkAdvisor. “The fact is that disconnected technology is the primary pain point for financial advisors and investors today. So, we’re extremely excited to have an industry legend like Reed come on to lead our technology business, in addition to gaining new capabilities.”
Wolfsen added that Colley will be empowered to make an “incredible impact on a large part of the advisor community” via his new role within Orion. She also stressed that the acquisition underscores the firm’s commitment to innovation.
