Harvey acquires Benchmark to boost asset management

Harvey has acquired Benchmark, expanding its reach in asset management software.

Benchmark is a New York-based decision infrastructure platform for asset managers. As part of the transaction, co-founders Alec Dunn and Connor Janson, along with their team, will join Harvey's product and engineering organisation.

The acquisition is Harvey's third this year and follows what it described as a record second quarter, during which it added more than USD $100 million in net-new annual recurring revenue.

Harvey already works with 50 asset management firms, including Blue Owl Capital, Bridgewater Associates and KKR. They use its software for tasks such as investment due diligence, data room analysis and deal document review.

With the addition of Benchmark, Harvey is moving further into the investment process. According to the company, Benchmark's software is used from the initial screening of deals through to investment committee preparation.

Benchmark has built its position with firms representing more than USD $2 trillion in assets under management. Its backers include Y Combinator and the Outsiders Fund.

Asset management

The deal gives Harvey a stronger footing in a part of the financial industry where firms often place heavy emphasis on internal research, prior deal experience and documented investment processes. Benchmark's product is designed to capture institutional knowledge and use it to inform decisions on new opportunities.

That overlaps with Harvey's existing work in highly regulated sectors. Integrating Benchmark's product into Harvey's broader platform is expected to support not only asset management clients but also other customers operating under strict security and compliance requirements.

Harvey said it is working with the Benchmark team on a plan for existing customers, with continuity of service a priority during the transition. No financial terms were disclosed.

Winston Weinberg, Chief Executive Officer of Harvey, described Benchmark as a familiar name among the company's investment-sector clients.

"When we asked our asset management customers which tools they trusted, Benchmark came up in nearly every conversation. Benchmark is built on a conviction we share: a firm's edge is its institutional knowledge, and AI should help firms capture that knowledge and apply it. We're proud to welcome Benchmark to Harvey," said Weinberg.

Shared customers

Benchmark's founders said the two businesses already share customers, which helped shape the rationale for the deal. They also pointed to a common focus on turning past investment work into a reusable source of information for future transactions.

"We started Benchmark because a firm's edge lives in the deals it has already seen, and too much of that knowledge stays trapped in folders and in people's heads. We've helped some of the best investment firms in the world put that knowledge to work. Harvey is one of the best application layer companies in the AI space and we already have shared customers, so this is a natural fit," said Dunn and Janson.

The transaction adds to a period of expansion for Harvey as competition grows among software groups targeting legal, financial and other regulated industries with AI-based tools. In asset management, the pitch has increasingly centred on systems that can organise large volumes of internal documents, standardise analysis and preserve knowledge that might otherwise remain dispersed across teams.

For investment firms, that can include records from previous deals, committee discussions, diligence materials and internal assessments. Companies in this market argue that such archives can help shape judgments on future opportunities if they are captured in a structured way.

Benchmark built its business around that premise, while Harvey has established a customer base across due diligence and document-heavy workflows. The combination brings those strengths together within one group with a larger footprint in investment firms.

The combined teams are focused on maintaining service for existing Benchmark customers as the businesses are integrated.