Mutual funds platform operator Allfunds has agreed to acquire Finametrix, a provider of portfolio management and analysis solutions for asset management firms.

The companies did not disclose the financial terms of the deal. The two companies will now provide their services together but will retain their operational independence.

The move will not impact existing services or clients that use both the platforms separately.

Allfunds CEO Juan Alcaraz said: “This acquisition is part of the ambitious strategic plan that has a renewed momentum on the part of our new shareholders and that aims to consolidate our business as the platform of reference in open architecture solutions.

“We are enhancing our offering with the most innovative technology, front-office digital solutions, big data and tools that help our clients to lead the change that is taking place in the sector.”

As part of the agreement, Finametrix head Salvador Mas will become head of digital at the combined group, with responsibility for definition and development of new digital products and services.

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“We are very happy to be able to provide continuity and scale with a company that we have admired for many years, Allfunds. The technological challenges in the sector are so great and there are so many opportunities that we could not dream of being in a better position to add value to our clients,” Mas noted.