American robo adviser Betterment has purchased its Canadian rival Wealthsimple’s US investment advisory book of business.

The transaction, whose financial details are undisclosed, does not cover Wealthsimple’s technology, employees, or operations.

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As part of the agreement, Wealthsimple’s current customers in the US will move to Betterment in the coming months.

The deal to expected bring nearly $190m in assets and 17,000 customers to Betterment, which is planning to go public soon.

Accounts are set to be transitioned by June this year, with options for customers to opt out of the transfer.

The company’s customers who transfer their accounts over to Betterment will be provided access to its technology as well as customised expert advice.

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Betterment CEO Sarah Levy said: “We are excited to bring these customers on board and help them secure a better financial future.

“This was an excellent opportunity for us to grow our customer base, and we’ll continue to be aggressive in opportunities that accelerate our business goals.”

Betterment was selected by Wealthsimple in a competitive process as the partner for this acquisition, which is US-based customers and their account assets

Wealthsimple co-founder and CEO Michael Katchen said: “As we shift our focus to our Canadian business for the time being, finding a partner for our US business that shared our commitment to putting clients first was our top priority.

“It’s been a privilege to serve our US clients, and we’re confident that their investments will continue to be in good hands with Betterment.”

In 2018, Betterment launched a custom portfolio strategy, dubbed Flexible Portfolios, to allow retail investors to better control their allocations.