White Glove, a Birmingham-based technology marketing company focused on the financial services sector, has grown via acquisition.
The company, which provides client acquisition and marketing services to those in the financial advisory sector using custom content, announced Wednesday it had acquired Gainfully Inc. out of San Francisco.
Terms of the deal were not disclosed, but the deal will allow White Glove to expand its so-called “done-for-you services” and performance-based marketing to financial enterprises using the Gainfully custom platform, according to Evan Kramer, CEO of White Glove.
“So White Glove now will be able to leverage Gainfully to access advisors through these enterprises as we distribute further into other financial accounts,” Kramer told Crain’s in an interview on Wednesday.
All told, the deal makes for a strategic shift in how the company operates, according to Rob Lyons, CTO of White Glove.
“It is a game changer for us, because it sort of takes us from just being a service business to now a really tech-enabled service business,” said Lyons.
“Together, Gainfully will provide the scalable platform on which enterprises can deliver resources to every agent/advisor while the comprehensive, results-driven services of White Glove can empower agents/advisors to grow their businesses as never before,” Cameron Nordholm, founder of Gainfully, said in a news release announcing the acquisition. “For the first time a true ‘sliding scale’ of support is available to financial professionals, offering growth services that can be scaled compliantly within the efficiency of high growth companies.”
White Glove, in which metro Detroit billionaire Dan Gilbert’s Rockbridge Growth Equity LLC investment firm has a stake, will now have about 130 employees with the acquisition, with about 100 working in the Birmingham headquarters, Kramer said.
Rockbridge served as “strategic support” for the acquisition and Copper Run Capital served as the exclusive buy-side advisor for the Gainfully acquisition.
Bhargav Shivarthy, a veteran of financial technology companies who joined Gainfully early in 2018 to help insurance carriers, asset managers, broker-dealers and RIAs leverage the Gainfully platform, will continue leading enterprise market development, supporting various financial services customers such as MassMutual, LPL Financial, Nationwide, and more, according to the release.