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Actua (formerly ICG Group) to buy Edison Partners-backed FolioDynamix for $199 million

Tom Paine

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Radnor-based Actua (Nasdaq: ACTA), which earlier this month announced it was changing its name from ICG Group (I missed the memo), yesterday said it had agreed to acquire 97% of FolioDynamix, a New York cloud-based investment and wealth management platform, for about $199 million.

FolioDynamix "offers wealth service providers and investment advisors a comprehensive, secure, cloud-based wealth management technology platform and advisory solutions for managing the full wealth management lifecycle across all account types, including unified managed account (UMA) and unified managed household (UMH) programs. The company delivers comprehensive solutions to financial advisors, professionals and institutions", Actua said in a release.

Actua says FolioDynamix has a revenue run rate of over $30 million a year with positive cash flow and earnings, and is growing over 40% a year.

Lawrenceville, NJ-based Edison Partners was a major investor in FolioDynamix, investing $7.5 million in 2008 and participated in a $16 million round in 2011. PE Hub reported in May that FolioDynamix was looking for a buyer.

The rebranded Actua is focused on a vertical cloud strategy. Originally an offspring of
Safeguard Scientifics named Internet Capital Group, it has operated in a somewhat similar manner as a publicly traded venture capital portfolio although it may be becoming more of an operating company.

Update: Edison says it got 6x its investment back on FolioDynamix.