Strategic integration will unlock new revenue potential and expanded market footprint for industry-leading consulting and solutions engineering firm
November 21, 2024 08:58 AM
PHILADELPHIA–(BUSINESS WIRE)–SolomonEdwards, a national professional services firm offering financial, operational and technology consulting along with operations support, today announced it has completed the acquisition of U.S.-based anti-money laundering (AML) advisory and financial crime consulting firm Dominion Advisory Group (“DAG”).
Founded in 2005, DAG is a premier AML and financial crime investigations and advisory firm. It delivers high-quality services and advice to help clients build, strengthen and operate effective AML and financial crime mitigation programs. DAG’s services align well with SolomonEdwards’ core offerings in banking, financial services and regulatory compliance. This acquisition will further enhance SolomonEdwards’ capabilities, allowing the firm to provide a more comprehensive suite of services to its financial services clients.
DAG founders Jon Glass and Pete Balint will join SolomonEdwards as partners, leading the new AML and financial crime consulting practice within the firm’s banking and financial services business. All DAG employees will be retained by SolomonEdwards, ensuring uninterrupted client service.
“The addition of Dominion Advisory Group marks another strategic step in the growth of SolomonEdwards as an established national professional services firm, expanding our market reach and opening new revenue streams,” said John Gulnac, CEO of SolomonEdwards. “The capabilities and team that Jon and Peter have built over the past twenty years, as well as their extensive experience gained investigating hundreds of thousands of cases, will significantly enhance the value we provide to our clients.”
“Jon and I have spent the past 20 years building DAG, and we’re excited to continue in a hands-on role as we join SolomonEdwards,” added Balint. “The synergies between our firms are undeniable, and we look forward to delivering exceptional results by uniting our highly skilled teams and networks across financial, operational and technology initiatives.”
In 2022, SolomonEdwards received a significant growth capital investment from private equity partner Renovus Capital Partners (“Renovus”). The DAG acquisition accelerates SolomonEdwards’ growth from a regionally focused consulting and staffing business into a national professional services platform company with a broadening reach in the banking and financial services industry. It also marks one of Gulnac’s first official actions as CEO, following his appointment in July, delivering on the firm’s promise of focus on strategic growth and enhanced client service delivery.
“We’re pleased to see the strong momentum at SolomonEdwards with John providing a spark to the business, driving both organic and inorganic growth since joining as CEO earlier this year,” shared Lee Minkoff, Managing Director of Renovus. “DAG is a natural extension of SolomonEdwards’ deep banking and financial services offerings, and we’re excited to welcome Jon and Pete as senior leaders of the platform.”
Terms of the transaction were not disclosed.
To learn more about SolomonEdwards, please visit SolomonEdwards.com.
About SolomonEdwards
Founded in 1999, SolomonEdwards is a national professional services platform firm specializing in financial, operational and technology consulting and support. We help organizations find better ways to work by delivering exceptional talent, proven project delivery methods and custom solutions tailored to each client’s needs. By leveraging deep industry expertise and cross-functional capabilities, we bring the right people and expertise together to turn business challenges into value-creation opportunities. For more information about how SolomonEdwards can support your business objectives, please visit SolomonEdwards.com.
About Dominion Advisory Group
Dominion Advisory Group is a U.S.-based AML advisory and consulting firm trusted by financial institutions to tackle complex anti-money laundering compliance challenges. Specializing in financial crime investigations, transaction monitoring, analysis, investigation, and SAR reporting operations, Dominion has been instrumental in many of the most notable AML enforcement matters of the past decade. With unmatched expertise and a targeted focus on AML compliance, Dominion delivers innovative, effective, and sustainable solutions to enhance and strengthen clients’ AML operations. To learn more, please visit dominion-advisors.com.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $2 billion of assets across its several sector focused funds. The firm’s current portfolio includes over 30 U.S. based businesses specializing in education and workforce development and services companies in the technology, healthcare, and professional services markets. Renovus typically makes control buyout investments in founder owned businesses, leveraging its industry expertise and operator network to make operational improvements, recruit top talent and pursue add-on acquisitions. Visit us at www.renovuscapital.com and follow us on LinkedIn.
Contacts
Media Contact
SolomonEdwards@streetcredpr.com
Tommy Warburton
347-400-3483
Tommy@streetcredpr.com
Lindsay McCoy
906-322-4982
Lindsay@streetcredpr.com
Originally posted at: https://www.businesswire.com/news/home/20241121824304/en/SolomonEdwards-Acquires-Financial-Services-Risk-Compliance-Consultancy-Dominion-Advisory-Group
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