FO accounting platforms

Just wrapped an evaluation of Sage, SumIt, Asseta, NetSuite, Fundcount, Asset Vantage. Ultimately narrowed it to the modern ledgers: SumIt and Asseta.

Both had similar offerings and a couple things stood out

SumIt doesn't have any CPAs or CFAs on their team of twelve people, which I thought was odd.

We couldn't get a copy of their SOC 2 report. Asseta provided two years worth of audits, access to a portal for us, and offered up penetration testing reports too.

When we asked about their relationship with Truewind, it kind of seemed like they outsource some of their software development.

Sumit's partnership accounting doesn't have dynamic cap tables and doesn't support contributions/distributions updating the cap table. Asseta could write updated ownership structures back to Addepar.

Asseta had the ability to read and write with Claude too. Little functionality wins here and there added up for us to justify the higher cost (1.5x).

Sumit only has 12 employees and has been in business for 4 years, yet is still not profitable. Asseta had publicly available information on their funding.

I think Asseta is growing a lot and I like their team. I think we made the right decision and are two weeks in to implementation, so far so good.