Blackstone (NYSE:BX) today announced that it has made a strategic
investment in Cloud Theory, a technology consulting firm specializing in
cloud-based solutions, to expand its product offering with customized
Salesforce software for alternative asset managers.
Cloud Theory’s FundEngine solution was designed and built in partnership
with the Blackstone Innovations team, and offers a turn-key,
client-facing customer relationship management (“CRM”) system for
alternative asset management firms that is built on top of the
Salesforce platform, an industry leader in cloud computing and CRM
software. FundEngine customizes the general purpose Salesforce platform
and tailors it for alternative asset management business development,
fundraising and client relations, as well as fund management, due
diligence and research management. FundEngine also integrates with
leading industry vendors, back office systems and fund administrators.
“We are excited to partner with Cloud Theory to bring the Salesforce
solution that works for Blackstone and make it available to the market.
Managing our clients in FundEngine on the Salesforce platform allows us
to continue to promote transparency with our clients across the suite of
products we offer, and helps us maintain strong client relationships as
we grow,” said William Murphy, Chief Technology Officer of Blackstone.
Salesforce provides a best-in-class platform for customized CRM
solutions, with approximately a 40% share of the overall CRM market in
the United States today.
“We recognized an opportunity to provide a subscription based solution
via the AppExchange platform that delivers best of breed functionality,
with no upfront implementation costs, but rather a monthly per user
subscription fee. By building our solution on the Salesforce platform,
we gain access to world class infrastructure, performance and security;
significant capital devoted to platform enhancements; and a premier
organization, and by building our product with Blackstone we know we
have the right solution for this industry,” said Brian Marchand, Chief
Executive Officer for Cloud Theory.
About Blackstone
Blackstone is one of the world’s leading investment and advisory firms.
We seek to create positive economic impact and long-term value for our
investors, the companies we invest in, the companies we advise and the
broader global economy. We do this through the commitment of our
extraordinary people and flexible capital. Our asset management
businesses include investment vehicles focused on private equity, real
estate, hedge fund solutions, non-investment grade credit, secondary
funds, and multi asset class exposures falling outside of other funds’
mandates. Blackstone also provides various financial advisory services,
including financial and strategic advisory, restructuring and
reorganization advisory and fund placement services. Further information
is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
About Cloud Theory
Cloud Theory is a NYC-based technology firm specializing in cloud-based
client-facing solutions, with significant expertise in financial
services. Cloud Theory provides enterprise level consulting and delivery
services in the following areas: develop strategic roadmaps, optimize
business processes, engineer custom Salesforce-based solutions and
provide ongoing managed services to support the full lifecycle of a
firm’s interaction with their clients. Cloud Theory’s solution practice
provides a turn-key front-office CRM system for alternative asset
management firms built of the Salesforce platform, supporting business
development, fundraising and client relations, as well as fund
management, due diligence and research management. It also features
integration with leading industry data vendors, back office systems, and
fund administrators. More information is available at www.cloudtheoryinc.com.
Copyright Business Wire 2014