Canada-based Tier1 Financial Solutions has acquired Satuit Technologies, a US-based provider of CRM and investor portal software to buy-side asset and wealth managers.

The deal, whose financial terms have not been made public, will accelerate Tier1’s expansion into the investment management industry.

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The acquisition will expand Tier1’s sell-side CRM platform for capital markets and investment banking by adding a standalone CRM, which is designed particularly to meet the needs of buy-side firms.

Tier1 Financial Solutions CEO Jiro Okochi said: “The addition of Satuit allows us to not only accelerate our expansion into the buy-side with Satuit’s dedicated end-to-end CRM and investor portal solution but also adds to our valuable ecosystem of sell-side banks and corporates.”

Satuit CEO and founder Karen Maguire said that the deal makes perfect strategic sense with Tier1’s focus on increasing penetration into the buy-side and Satuit’s strong asset and wealth management pedigree.

Maguire will continue to lead Satuit as its CEO. She will report to Okochi.

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Tier1 said it will maintain its current organisation structure with Manish Patel as COO of the CRM unit and Andrew Simpson as COO of the compliance business.

The acquisition of Satuit Technologies follows Tier1’s acquisition of compliance and financial crime prevention solution provider Alessa in January this year.

Alessa is a software solution that is used for compliance with global anti-money laundering (AML) regulations by banks, credit unions, money services businesses, casinos and fintechs.