Confluence, a fund automation firm based in the US, has acquired a Belgian data solutions provider, Orfival, to increase its fund analytics capability.
Mark Evans, chief executive of Confluence, says the acquisition was partly driven by Orfival's understanding of the European market, which Confluence will market to the US.
"The region [Europe] is one which we have strategically targeted for business growth and this acquisition makes our European networks stronger while allowing us to market Orfival products to our existing North American network," he says.
Confluence has offices in London, Dublin and Luxembourg already.
A cost for the deal was not disclosed.
Orfival will operate under the Confluence brand and will integrate products and operations under the Confluence umbrella.
Confluence says its solutions are used by 40% of leading global investment managers, and more than 60% of US mutual funds.
Orfival was founded in 1999 and has built up a network amongst European asset managers, insurance companies and pension schemes. Its services include performance measurement, risk and investment compliance reporting.
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