Blackstone (NYSE:BX) today announced that it has made a strategic investment in Cloud Theory, a technology consulting firm specializing in cloud-based solutions, to expand its product offering with customized Salesforce software for alternative asset managers.
Cloud Theory’s FundEngine solution was designed and built in partnership with the Blackstone Innovations team, and offers a turn-key, client-facing customer relationship management (“CRM”) system for alternative asset management firms that is built on top of the Salesforce platform, an industry leader in cloud computing and CRM software. FundEngine customizes the general purpose Salesforce platform and tailors it for alternative asset management business development, fundraising and client relations, as well as fund management, due diligence and research management. FundEngine also integrates with leading industry vendors, back office systems and fund administrators.
“We are excited to partner with Cloud Theory to bring the Salesforce solution that works for Blackstone and make it available to the market. Managing our clients in FundEngine on the Salesforce platform allows us to continue to promote transparency with our clients across the suite of products we offer, and helps us maintain strong client relationships as we grow,” said William Murphy, Chief Technology Officer of Blackstone.
Salesforce provides a best-in-class platform for customized CRM solutions, with approximately a 40% share of the overall CRM market in the United States today.“We recognized an opportunity to provide a subscription based solution via the AppExchange platform that delivers best of breed functionality, with no upfront implementation costs, but rather a monthly per user subscription fee. By building our solution on the Salesforce platform, we gain access to world class infrastructure, performance and security; significant capital devoted to platform enhancements; and a premier organization, and by building our product with Blackstone we know we have the right solution for this industry,” said Brian Marchand, Chief Executive Officer for Cloud Theory.