LOS ANGELES, March 7, 2019 /PRNewswire/ -- Banyan Software, a company focused on acquiring, building and growing great enterprise software businesses, is pleased to announce the acquisition of Los Angeles-based Lightspeed Data Solutions Inc., a leading provider of software for investment managers and insurance guaranty funds.
For investment managers, Lightspeed's TDMS product handles post-trade settlement and reconciliation for some of the largest asset managers and outsourced administrators in the US, providing a consolidated view of all trades and communicating with custodian banks to ensure trades are settled accurately and reported on with ease. For insurance guaranty funds, Lightspeed offers the LCMS product, which allows funds to effectively manage claims with industry-specific functionality and manage the entire assessment process. LCMS has a long history as the #1 leader in this market.
"As we looked at the next evolution of the company, we refused to consider selling Lightspeed to any buyer focused solely on short-term financial results" says Marvin Sauer, President of Lightspeed Data Solutions. "Banyan is unique in this regard. Their client-centric approach and commitment to conducting business with integrity gave us confidence that their further investments will benefit Lightspeed's clients tremendously in the long-run."
"Lightspeed has spent nearly two decades building out the best suite of products available to serve their long-standing customers" says David Berkal, CEO of Banyan Software. "I am pleased that all of the current executives and staff of Lightspeed will continue to provide their valuable expertise as employees following the sale."
ABOUT LIGHTSPEED DATA SOLUTIONS:
Lightspeed Data Solutions has spent over twenty years improving the workflow productivity of asset managers, guaranty funds, and FAIR plans. The design and development of the company's products are driven by input from the users who rely on them daily, which ensures that new features are easy to use and highly efficient. Lightspeed's highly responsive support team has resulted in exceptional long-term customer relationships. For more information, please visit: http://www.lightspeedtdms.com or http://www.lightspeeddatasolutions.com
ABOUT BANYAN SOFTWARE:
Banyan Software acquires, builds and grows great enterprise software businesses. Founded in 2016, Banyan is backed by a world-class group of CEOs and entrepreneurs with deep technology experience. With a permanent capital base, Banyan focuses on a buy and hold for life strategy for growing software companies that serve specialized markets. For more information, please visit: http://www.banyansoftware.com
SOURCE Banyan Software, Inc.