US-based investment processing solutions provider SEI has bought Archway Technology Partners, a local technology provider, to bolster its foothold in family office space.

Indianapolis, Indiana-based Archway provides solutions to meet the accounting, investment management and reporting functions for family offices, private banks, private wealth advisors as well as fund administrators.

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The acquired firm has offices in Denver and New York, apart from its Indianapolis base. It employs 125 staff and manages $230bn on its platform.

SEI will pay $80m for the deal, in addition to growth earn-outs of up to $8m depending on financial targets, SEI said in a filing with the U.S. Securities & Exchange Commission.

The company will now be integrated into SEI’s Investment Managers business segment

SEI said that the acquisition will expand its footprint in the family office segment, and will help it cater to additional verticals such as institutions, investment advisers, private banks, hedge funds, and private equity funds.

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SEI executive vice president and investment manager services division head Steve Meyer said: “Archway’s specialized technologies and deep knowledge of the private wealth services industry give us a more powerful, differentiated solution to a $7 trillion global family-office market that has been underserved by legacy service providers.

“SEI’s operating solutions, enhanced by Archway’s capabilities, will help family offices, institutions, wealth managers, and asset owners better navigate this new operational frontier and service their clients more effectively.”

SEI chairman and CEO Alfred West, Jr. added: “Archway’s stellar reputation in the family office industry, market-leading solutions, and talented, client-oriented employees make them a valuable addition to SEI, and we look forward to welcoming the Archway team into our culture and company.”