Finland-based Taaleri Wealth Management has agreed to buy the entire share capital of Evervest, a local robo-adviser wealth management firm.
Evervest was set up in 2015 and is licensed by the Finnish Financial Supervisory Authority.
The companies said that the deal consideration will be paid in cash but have not disclosed the financial terms of the deal.
Evervest will become a wholly-owned subsidiary of Taaleri following the completion of the deal.
The transaction is expected to be wrapped up in the first half of this year, subject to regulatory approval.
Taaleri executive vice president of asset management segment Samu Lang said: “Evervest will become an integral part of Taaleri Wealth Management’s future. The new digital distribution channel will be realised under the Taaleri brand.”
“The service and its further development has a clear strategic position in the transformation of the wealth management sector, and it complements the conventional meeting-based wealth management.”