US-based asset manager BlackRock has concluded the purchase of eFront, a software provider specialising in the alternative investment management space.

Paris-based eFront offers solutions for managing due diligence, portfolio planning, and risk analysis.

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eFront will now be integrated with BlackRock’s risk management platform Aladdin.

The combination is said to boost Aladdin’s alternatives capabilities.

As part of the deal, eFront’s 700 staff will join BlackRock.

eFront CEO Tarek Chouman said: “Joining BlackRock, adopting its user-provider model and integrating with Aladdin means that our investor, fund administrator and fund manager clients will benefit from constantly elevated standards and innovative product features.”

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The deal, valued at $1.3bn, was first announced this March.

BlackRock COO Rob Goldstein said: “As more investors incorporate alternatives into their portfolios, the ability to seamlessly manage portfolios across public and private asset classes on a single platform is critical.

“eFront will extend Aladdin’s end-to-end processing capabilities in alternative asset classes, enabling clients to get an enterprise view of their portfolio.”

Other recent BlackRock partnerships

Last month, BlackRock and BNY Mellon collaborated to offer integrated data, technology, and asset management servicing capabilities to common clients.

This March, Santander Asset Management and HSBC opted for BlackRock’s Aladdin platform.

In November 2018, BlackRock announced plans to buy a 4.9% stake in wealth management software provider Envestnet for $122.8m.