Wealth tech firm Infront has reached a deal to buy Switzerland’s Assetmax in a bid to improve its wealth management portfolio.

Assetmax is a software platform that serves independent asset managers, family offices, among others.

It also serves banks that offer combined multi-custody portfolio management, client relationship management as well as invoicing and reporting services.

Approximately 70 clients, primarily independent asset managers and banks, employ the firm’s solution, stated the company.

With the latest deal, Infront aims to expand its current portfolio of products for European wealth management industry.

The deal, which awaits approval of customary conditions, is scheduled to be closed by the end of September 2022.

Financial and other details of the deal were not divulged.

Infront CEO Zlatko Vucetic said: “We are very excited to welcome Assetmax to the Infront family.

“We look forward to working closely with its founders and wonderful team to continue their impressive organic growth, while developing best-in-class solutions for buy-side customers”

Infront provides finance professionals with market data, news, portfolio management, advisory analytics and other solutions that facilitate faster and easier decision making.

The company’s solutions are currently used by over 3,000 customers with more than 90,000 professionals.

Assetmax CEO and co-founder Massimo Ferrari said: “As part of Infront’s pan-European team, we will be able to both enhance our solution for current customers and introduce the Assetmax solution to new customers. “European wealth management advisors need the solutions and data that we can provide together.”