The Boston-based Summit Partners is making a $60.6 million (€50 million) minority investment in the index provider Solactive. Summit Partners principal Johannes Grefe will be joining the Solactive Board of Directors.
Germany-based Solactive provides customized index-related services to investment banks and asset managers. Summit Partners, which manages about $23 billion in capital, has invested in more than 500 other firms in healthcare, technology and life sciences companies.
According to Grefe, Solactive’s highly automated and customer-centric approach will allow the company to grow quickly in the indexing market.