American investment management firm PIMCO has purchased a minority stake in Beacon Platform, a fintech firm that offers cloud-based development and production platforms.

The companies did not reveal the precise size of the stake being acquired or the financial terms of the deal.

PIMCO will licence the platform and use it to offer quantitative research and analytics to its 240 portfolio managers worldwide.

PIMCO CEO Emmanuel Roman said: “Quantitative models and technology are integral to PIMCO’s investment process and this strategic partnership with Beacon will allow us to continue to innovate and evolve as the industry changes.

“Our portfolio managers around the world will have broad access to Beacon’s platform for faster and more efficient use of PIMCO’s proprietary risk analytics and quantitative research, helping them implement investment strategies to deliver attractive returns for our clients.”

The latest move forms part of PIMCO’s plan to incorporate technology and quantitative research into its system. The firm announced plans to launch an office in Austin, Texas, last month, which will have a significant technology presence.