NEW YORK – Novantas LLC, a management consultancy serving the largest banking and financial services companies in North America, today announced the acquisition of Primetriq, a bank applications and data services company based in Greenwich, Connecticut. The deal is structured as a business interests and asset purchase agreement.
Novantas, based in New York, is the acknowledged leader in customer science and revenue strategy in the financial services industry. It specializes in investigating and interpreting customer needs, attitudes and behaviors to help companies refine decisions, customer strategies, and sales and service activities.
Primetriq provides market share, wallet models, prospecting and other critical bank information for improved branch and store operations. Its Acelerate desktop application generates comprehensive data on retail and small business prospects within a branch trade area, providing customized prospecting lists, modeled prospect assets and liabilities, goals, and selling strategies for the bank calling officer.
“Primetriq is the kind of business that fits perfectly in Novantas’s suite of information services and products,” said Dave Kaytes, Managing Director at Novantas. “As we continue to grow our information services business, I expect that the Primetriq assets and team will play an important role.”
“We are very excited to become part of Novantas,” said Leo D’Acierno, Executive Vice President of Primetriq. “The experience, product breadth and relationships they bring will significantly expand our opportunities to deliver our products to banks.”
“Novantas is the leader in bank pricing and distribution consulting,” added Paul Pieper, Executive Vice President of Primetriq. “Their expertise coupled with Primetriq’s technology will be a potent force in the market.”
Fifteen Primetriq employees will join Novantas and operate out of the Company’s New York City office. D’Acierno and Pieper, will join Novantas as Directors.
Since its founding in 2002, Primetriq has served more than a dozen major banking institutions, delivering market leading information to improve small business prospecting and selling performance. Through its affiliation with Greenwich Associates and backing of major Private Equity firms, the Company has built an impressive brand and presence in banking data services.
Novantas is a pioneer in applying customer sciences disciplines in areas such as customer segmentation, product design, pricing strategy, and improving the ability of sales and service representatives to interact with customers. Areas of particular expertise include retail and small business banking, branch sales performance, credit cards, insurance, brokerage, and commercial and investment banking. Through disciplined analytics, pragmatism and deep industry experience, the Firm ensures that the resulting performance improvements are effective and enduring.
The two firms said the complementary nature of their respective capabilities and interest in growing information services capabilities provided the rationale for the merger. Terms of the transaction between the companies were not disclosed.