STP Investment Services, which focuses on investment operations outsourcing, fund services, reporting and data management, has snapped up Accusource – an investment operations firm focusing on the investment management sector.
Financial terms of the transaction were not divulged.
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The deal is said to strengthen the acquirer’s investment operations and cloud-based technology solutions, particularly its business process outsourcing capabilities.
Accusource founder and CEO Ryan Kerry said: “STP has an impressive array of proven, world-class technology and top-notch middle and back office solutions that present a strong, compelling value proposition for investment firms across various industry platforms or on STP’s platform.”
Set up in 2008, Accusource offers a range of services including reconciliation, general ledger integration, performance measurement validation, statement digitisation, data migration and staff augmentation.
The firm caters to RIAs, hedge funds, family offices and asset managers.
STP president and CEO Patrick Murray said: “This acquisition will further strengthen STP’s position across the investment industry and enhance the services we provide by giving investment firms looking to stay competitive the ability to outsource some, or all, middle and back office tasks.
“It further enhances our ability to offer people, platform, or people/platform-driven solutions.”
The wealthtech market has seen several takeovers lately.
This includes SS&C Technologies’ acquisition of the Investrack business of Globacom Technologies, and the acquisition of Seccl Technology by Octopus Group.
More recently, AnaCap Financial Partners announced the purchase of Wealthtime.
