SINGAPORE and NEW YORK, Nov. 25, 2014 /PRNewswire/ -- Wealth-X, the global leader in providing sales, marketing, and compliance solutions to companies and not-for-profit organizations targeting the ultra high net worth (UHNW) market, today announced it received a major investment from Insight Venture Partners.
The financing will be used to expand global operations including sales and marketing, invest in product innovation and further evaluate strategic acquisition opportunities.
Since its founding in 2010, Wealth-X has expanded significantly to become the leading provider of intelligence and prospecting data for financial institutions, luxury brands and not-for-profit organizations. Wealth-X has more than 200 employees in 13 offices on five continents. Wealth-X co-founders Mykolas Rambus and David Friedman will continue to lead the business, with Rambus serving as chief executive officer and Friedman as president and global head of sales and client development.
"We are tremendously excited by the partnership between Insight and Wealth-X, as this will directly benefit the results our clients achieve in the marketplace," Mykolas Rambus said. "There has historically been a dearth of meaningful data and solutions to engage ultra affluent consumers, and we are honored to be recognized as the trusted growth solution for hundreds of the world's best companies and professionals."
"Wealth-X has become the industry standard for organizations focused on UHNW consumers, clients, and donors," said Euan Menzies, managing director at Insight Venture Partners. "We believe in the strategy that Mykolas and David are executing and actively support the global expansion of the business through our knowledge of data businesses and our financial backing."
Euan Menzies and Matthew Gatto from Insight Venture Partners, have joined Wealth-X's board of directors.
Portico Capital Securities LLC served as exclusive financial advisor to Wealth-X with respect to the transaction.
Wealth-X is the world's leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Its mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com.
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