The Bank of New York Mellon Corporation (BNY Mellon) has signed a deal to acquire fund management technology provider Milestone Group.

Financial terms of the agreement have not been shared.

The deal follows an alliance formed by the companies over a year ago to create a suite of oversight and contingent net asset value (NAV) services for asset managers.

Completion of the transaction is expected to occur in the second half the year, subject to customary approvals.

BNY Mellon CEO of Asset Servicing and head of Digital Roman Regelman said: “This transaction with Milestone is the latest demonstration of BNY Mellon’s commitment to support clients across the investment lifecycle and provide clients with open and flexible digital solutions that enable them to optimise, scale and grow their businesses.”

Milestone’s pControl platform facilitates fund and investment automation.

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The acquisition will enable BNY Mellon to enhance the digitisation and automation of core accounting and asset services.

It also will also help the company bolster digital offerings and core capabilities with the addition of OCIO services, cash allocation and fair value control solutions to the current suite of NAV solutions.

Commenting on the deal, Milestone Group executive chairman Geoff Hodge said: “We have made great progress collaborating with BNY Mellon to deliver best-in-class solutions, and the synergies we will be able to achieve together to provide new and exciting solutions to the industry is a thrilling opportunity.”

In March this year, BNY Mellon participated in a Series C financing round for crypto startup Fireblocks, which supports the movement, storage and issuance of cryptocurrencies.

In this February, the American investment manager launched a new enterprise Digital Assets unit to speed up the development of enterprise solutions to serve the digital asset space.