Wealth management solutions provider PureFacts Financial Solutions has acquired Quartal Financial Solutions for an unknown sum.

Quartal Financial Solutions is a provider of fee billing and commission solutions for the financial and insurance industries in Europe.

Founded in 1999, the firm currently has over 30 clients with over 50 software installations in fifteen countries across the US, Europe, Middle East, Africa, and the Asia-Pacific region.

The deal allows PureFacts to enhance its ability to offer “mission critical, AI-driven and regulatory compliant fee solutions to its marquee clients”.

In addition, the takeover expands the company’s global footprint.

Furthermore, the merged group will benefit from boosting their core capabilities in data aggregation, machine learning and financial industry expertise.

Both companies specialise in calculating fees and commissions and when united, they are expected to create a strong fee platform in the global financial marketplace.

PureFacts CEO Robert Madej said: “With any acquisition or partnership that we undertake, we always ensure our values are aligned and our clients’ interests are at the centre.

“In this case, we are further excited by the Quartal team’s enthusiasm and the willingness of the key executive team to become shareholders in PureFacts.”

Quartal Financial Solutions CEO Thierry Zuppinger added: “Joining forces with PureFacts will significantly accelerate our joint journey to becoming a truly global market and mindshare leader in the fee and commission management domain; allowing us to better service our clients globally.”

Following the deal, Quartal’s Zurich office will serve as PureFacts’ European head office. Toronto will continue to be the home of the global base of PureFacts.

Madej will lead the new corporate entity. In addition, Zuppinger will serve as the general manager of the combined group’s Europe and Asia units.

Earlier this year, PureFacts acquired CRM consulting firm VennScience.

Also today, German stock exchange operator Deutsche Boerse is set to acquire a majority stake in Institutional Shareholder Services (ISS) for nearly $1.8bn.