US-based investment manager Invesco has acquired RedBlack, a technology provider in the investment management space, for an undisclosed sum.
The acquired entity offers solutions for automating portfolio rebalancing, order management, trading and compliance workflows.
The deal adds $350bn in platform assets to Invesco and increases its customer base by over 150.
RedBlack chief product officer Roel Vlemmings said: “By combining Invesco’s investment management and technology capabilities and RedBlack’s solutions, we will offer a digital wealth proposition that makes the complex simple and delivers tremendous value for our clients.”
Through the transaction, Invesco aims to bolster its digital wealth operations.
RedBlack tends to family offices, wealth advisers, pension funds and foundations, financial institutions, and trust companies, among others.
It has operations in Bedford, New Hampshire as well as Kochi, India. The company employs 60 people in these regions.
Invesco president and CEO Martin Flanagan said: “Invesco has a long history of providing advisers with the tools and digital solutions they need to help their clients achieve their investment objectives through a broad range of active, passive and alternative capabilities.
“The addition of RedBlack demonstrates our commitment to continuously strengthening our global digital platform, further enhancing the solutions we offer to meet the evolving needs of advisers, our clients and the industry.”
Earlier this year, Invesco snapped up OppenheimerFunds from Massachusetts Mutual Life Insurance for $5.7bn.