Objectway, an Italian fintech group focussed on the wealth and asset management industries, has purchased Algorfin, a provider of IT and administrative outsourcing services for asset managers, custodian banks and other financial operators, from Unione Fiduciaria.

Financial terms of the deal were not disclosed. As part of the deal, over 100 employees of Italy-based Algorfin will migrate to Objectway.

Unione Fiduciaria managing director Filippo Cappio said: “With this sale, the process of focusing on fiduciary activity, the company’s core business, continues and accelerates.

“This operation allows Unione Fiduciaria to invest additional resources for expansion and thus continue a path already started several years ago.”

With the latest transaction, Objectway’s annual consolidated revenues stand at around €75m.

Objectway funded the deal with the assistance of lending banks UBI Banca and Unicredit.

Objectway CEO Luigi Marciano said: “This is a significant acquisition for our Group as it consolidates our position as leader in the Italian market for banks, asset management companies, brokers and custodian banks, with a comprehensive offer that covers their application needs and opens new growth opportunities in Italy and other markets.”

Algorfin’s Archimede solution supports management of investment funds, while its Diogene platform enables management of the activities of a custodian in the fund management space.

Its Archimede Governance solution enables asset managers to conduct checks needed under the European UCITS V norms.

At the same time, Algorfin offers administrative services for back-office management as well as accounting.