Equisoft, a Canada-based technology provider for the wealth management and insurance sectors, has acquired UK-based financial services firm Altus.

Financial terms of the deal have not been revealed.

Equisoft financed the acquisition through partnerships with Export Development Canada, Fondaction and BMO Bank of Montreal.

The acquired entity is an investment and pension management solutions provider, offering specialist consultancy services and automation software.

It is said to serve more than 150 clients in the investment, pensions, insurance, and wealth management sectors.

The deal accelerates Equisoft’s global expansion plans and fortifies its position in the financial services space with the addition of a transaction platform for pension administrators and asset managers.

Equisoft founder and CEO Luis Romero remarked that the combined expertise of the firms position the company to lead the UK pension transfer market and make it a strong contender in the European market.

Romero said: “Joining the forces of both companies, each founded on entrepreneurial values, will allow us to better serve our clients by automating complex back-office processes across the investments value chain. These include investment portfolio transfers, pension fund trading, pension payroll and tax reporting.”

Altus co-founder and managing director Kevin Okell said: “Given our substantial recent investment in UK Fintech startup Finscape, a business analytics platform for the investment industry, Altus was looking for a partner who understood its enormous potential and the critical role it could play in the investment value chain.

“Equisoft grasped this immediately, committing to further investment in the product and to expanding its geographic coverage.”

In 2019, Equisoft purchased Grendel to support its US growth strategy.

In 2018, the firm purchased Kronos Technologies as well as Apeiron Software and Planist.