Private equity firm NewSpring Holdings LLC is buying Wealthcare Capital Management Inc. for an undisclosed amount.
Richmond, Va.-based Wealthcare develops wealth management technology and serves about 30,000 clients. The technology licensees service about $200 billion in assets. Wealthcare also acts as an investment adviser, and has about $800 million in assets under management.
NewSpring is a Radnor, Pa.-based PE firm that invests in software, tech-enabled services and niche manufacturing companies. The firm is part of NewSpring Capital, a private equity firm that has about $950 million in assets under management.
Other recent wealth advisory deals include Estancia Capital Partners LP’s investment in Snowden Capital Advisors LLC in November, and the firm’s August investment in Sustainable Growth Advisers LP.