Business advisory firm Deloitte has revealed its plan to buy Reformis, a specialist investment management technology and data provider, for an undisclosed sum.

The firm, which was established in 2003, offers technology, business and change management consultancy solutions to the investment and wealth management sector.

With headquarters in the UK, Reformis currently employs around 90 people. It also has offices in Australia and the US.

With the latest deal, Deloitte aims to strengthen its current offerings and provide investment management customers with new technology-based products.

Deloitte vice chair and co-leader of investment management EMEA Tony Gaughan said: “Technology and data have never been more important for the investment management and wealth industry.

“It is an area that is growing at exceptional pace, with our clients continuing to increase in size and complexity in what is a highly regulated environment with rapidly evolving customer expectations.

“Reformis’ highly experienced team of experts have a track-record of delivering impressive technology and data implementation projects in the investment management industry. It is this experience that will complement our existing capabilities in a way that is critical to meeting our clients’ needs.”

Following the closure of the deal, Reformis’ CEO Brian Woodham and chair Paul McPhater will become partners at Deloitte.

Reformis’ existing workforce will join Deloitte’s consulting practices.

Deloitte also plans to double Reformis’ workforce by 2027 upon the completion of the deal.

Woodham said: “This is an exciting time for Reformis as we build on our achievements from the past 19 years. “In that time, we have helped clients achieve their investment and wealth management business goals by advising, designing, and delivering data-led solutions globally: covering strategic, technical, operational, and change programmes.”