SS&C Technologies, a Connecticut-based financial technology services provider, has agreed to acquire the Investrack business from Dubai-based digital customer engagement solutions provider Globacom Technologies.
Investrack provides digital financial solutions, which empowers private banks, as well as wealth and investment management firms.
Upon completion of the transaction, Investrack will become a business unit of SS&C Advent, the portfolio-management and accounting solutions arm of SS&C.
SS&C Advent senior vice president and general manager Robert Roley said: “Our acquisition of Investrack supports our commitment to providing innovative products and services to elevate the client experience.
“Investrack helps our client deepen their own client relationships, differentiate in a competitive market and further extends our global strategy, particularly in the Middle East.
“Adding Investrack strengthens our offering for digital investor engagement and adds best-in-class technology, people and expertise.”
All 29 staff of Investrack will be absorbed by SS&C. The acquisition will also provide SS&C with 30 clients across 14 countries.
The management team of the acquired entity, including CEO Vijay Kartha, will report to SS&C Advent international business development head Mats Berggren.
Kartha said: “We believe SS&C’s global reach will help realise the full potential of Investrack. The Investrack team is excited to work with SS&C to realise this objective.”
The transaction is scheduled to complete later this month.
Takeover of Investrack continues SS&C’s buying spree. Last April, SS&C concluded the acquisition of DST Systems, a Missouri-based based technology provider, for around $5.4bn including the assumption of debt.