F2 Strategy acquires Callaway Cloud in eighth buy since 2023
F2 Strategy, a consulting and managed-services firm focused on the wealth and asset management sector, has acquired Callaway Cloud Consulting, a Wyoming-based technology consultancy with twelve years of experience across Salesforce implementations, platform engineering, data infrastructure and custom AI solutions. The deal is F2's eighth acquisition since private-equity firm Renovus took a partnership stake in 2023, and its third this calendar year, following the absorptions of Meradia in April and Intelligo Partners in July.
Callaway's founder and CEO Brandon Gage joins F2 as Managing Director. Gage's biography straddles the finance-technology boundary in a way that reflects the wider forces reshaping wealth management: he was a founding member of United Capital, where his technical work supported the firm's acquisition-led growth before Goldman Sachs Private Financial Management bought United in 2019 and Gage spent a further four years inside the bank.
Building an end-to-end stack for wealth-tech transformation
The strategic logic behind the deal is consolidation rather than diversification. F2 is assembling a single-vendor capability that can walk a wealth management firm from technology strategy through platform selection, Salesforce configuration, data-layer engineering and AI deployment, all under one contract. Callaway claims more than 1,500 completed projects, a volume that suggests operational depth rather than boutique advisory positioning.
Ryan Beach, CEO of F2, described Callaway as "a natural extension of the capabilities we have been building," pointing to client demand for a partner that can both advise on technology direction and supply the engineering resource to execute it. Dan Johnson, F2's Head of Wealth, was more specific about the commercial gap being filled: the ability to "go deeper into the technology stack" and support clients "through more of the work required to turn a strategy into a functioning solution."
Callaway will rebrand under the F2 Strategy name in early 2027, completing the integration of teams and go-to-market identity.
The consolidation wave in wealth-tech services
The broader context here is a structural shift in how wealth management firms are buying technology services. Legacy wirehouses and the fast-growing registered investment adviser (RIA) channel are both mid-cycle in replacing core systems built before cloud infrastructure matured, and both lack the in-house engineering headcount to do it alone. That gap has created a consolidation opportunity for consultancies willing to move up the value chain from strategy into implementation.
F2's roll-up model, backed by Renovus's private-equity capital, is one of the more aggressive responses to that opportunity. Eight acquisitions in roughly three years represents a pace that mirrors what has happened in adjacent professional services markets, notably IT services and digital-transformation consulting, where firms backed by growth-equity sponsors have used acqui-hiring to compress organic talent timelines.
The AI angle is worth watching separately. Callaway's custom AI solutions practice is positioned around wealth-management workflows, a domain where the regulatory complexity around client suitability and fiduciary standards has slowed AI adoption relative to, say, capital markets. As regulators in the US and UK begin to publish clearer guidance on AI use in advice-adjacent contexts, consultancies with both the technical capability and the sector credibility to implement compliant AI tooling will be well placed. F2's expanded engineering bench makes it a more credible candidate for that work when the window opens.
No deal terms were disclosed. F2's next acquisition milestone to watch is whether the pace of three per year, sustained through 2026, continues into 2027 or whether Renovus moves toward a recapitalisation or exit.