Surge Ventures Acquires Kovair and Launches Data Integration Platform for the Wealth Management Industry
Surge Ventures today announced the acquisition of Kovair Software and the launch of an enterprise integration platform for the wealth management industry.
As part of the announcement, Sid Yenamandra, the Founder, CEO and Managing Partner of Surge Ventures will take over as CEO of Kovair. The company’s previous CEO, Bipin Shah, will remain on the Kovair board of directors.
“Surge Ventures will leverage Kovair’s Omnibus platform to offer an unparalleled solution that simplifies complex integrations and empowers wealth management professionals with enhanced data-first capabilities,” Yenamandra said.
Kovair is a software development and data integration solution firm headquartered in San Ramon, California. Kovair developed its Omnibus platform to provide automation across multiple tools and remove information silos within a company. Kovair’s client list includes Worldbank Group, Intel, Applied Materials and the U.S. Department of Navy.
Yenamandra is a known Silicon Valley-based entrepreneur and software executive. Before founding Surge Ventures, he was CEO and Founder of Entreda, the cybersecurity compliance software provider. He sold it to K1 Investment Management and Smarsh in 2020.
“Combining the deep engineering capabilities and industry knowledge of the two firms unlock new frontiers of innovation,” said Shah. “This is an exciting time for Kovair, its team members and clients. It’s a great opportunity for the two firms to build a remarkable business together. I look forward to remaining involved as an active Board member and contributing to the venture’s future success.”
Kovair joins RegVerse as Surge Venture’s second portfolio company. RegVerse, launched in October 2023, provides financial firms with a generative AI-powered regulatory management platform.
