Luxembourg-based fund services provider Alter Domus has taken over Strata Fund Solutions, a US-based fund administrator that caters to private equity and venture capital funds, for an undisclosed sum.

Founded in 2008, Utah-based Strata has around $140bn in assets under administration (AuA) and over 200 accounting experts.

The deal is part of Alter Domus’ growth strategy in North America and helped the firm top the $1trn AuA mark.

It is also said to bolster the company’s servicing capabilities with the addition of Strata’s premier client base and complementary technology stack.

Alter Domus CEO Doug Hart said: “We are delighted to welcome Strata’s founders Jared, Darren, Nate and their entire talented team to Alter Domus.

“Our respective founders, leadership and teams share a culture of excellence devoted to the investment funds and corporate services industry. Our shared high-touch service model and advanced technology platforms align perfectly to offer our clients a trusted solution on day one.”

The unified company will use in-house solutions such as CorPro, Agency360, Mailroom, and Virtual Back Office, and third-party information processing engines including Investran, eFront, Allvue, and Yardi.

Strata co-founder Jared Broadbent added: “Combining our two companies will allow us to offer our clients a global reach and even more in terms of services, expertise, and technology. My co-founders Darren, Nate and I along with the entire Strata team look forward to working alongside Alter Domus to contribute to the growth of our combined team over the years to come.”

FTV Capital and StepStone Group, which made a growth equity investment in Strata in August 2018, exited as part of this transaction.

Last month, Alter Domus acquired Boston-based private equity and venture capital fund administrator IPS Fund Services in a bid to speed up its growth strategy in North America.

The company also purchased the British technology platform Credit-Vision the same month.