Automated investment data management provider Confluence Technologies has bought StatPro Group, a technology provider for asset managers, in an all-cash deal worth around £161.1m.

StatPro focuses on offering data management tools and cloud-based portfolio analytics for asset managers.

The business has 10 offices worldwide and a customer base of more than 450.

Through the takeover of StatPro, Confluence aims to bolster its reach in the UK, continental Europe, South Africa, and Asia.

Confluence founder and CEO Mark Evans said: “StatPro’s performance and attribution, portfolio analysis and other data and risk support services are deeply complementary to Confluence’s offerings and will allow us to better help our clients achieve their goals.

“By acquiring StatPro, we will accelerate our plans to migrate Confluence’s performance solutions into the cloud, and continue both organisations’ history of creating truly innovative, transformative products that our industry has come to value.”

The integration is intended at launching a “leading supplier of front, middle and back-office solutions” for asset managers as well as administrators.

StatPro staff will be retained as part of the deal.

StatPro founder Justin Wheatley said: “From its launch in 1994, we have built StatPro by always placing experience and expertise at the center of everything we do, and we couldn’t be happier to be joining a like-minded firm in order to provide asset managers and fund administrators with an even greater range of support services and analytics.”