Wealth management consultancy Alpha Financial Markets Consulting (Alpha FMC) has acquired Obsidian Solutions, a UK-based cloud-based SaaS business that serves the investment management sector, for a maximum consideration of £5.7m.

The deal amount will be paid in two installments, with the first tranche payable upon deal closure and the second after six months.

The transaction also includes the provision of an earnout depending on the performance of the acquired business over a four-year period.

Obsidian adds its portfolio of financial software products such as business intelligence, automated subscription, and client portals, among others, to Alpha FMC.

Commenting on the acquisition, Alpha FMC global CEO Euan Fraser said: “This acquisition enhances and extends the Alpha Data Solutions’ 360 SalesVista product offering, for which we continue to experience strong client demand.

“It also strengthens the Group’s work with hedge fund clients, brings Alpha a highly skilled product development team and creates a strategic growth opportunity with a recurring revenue model.”

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Alpha FMC expects the deal to add to its earnings in the first full financial year of ownership.

Obsidian CEO Lazar Radenovic said:  “We have successfully grown the Obsidian business in recent years developing awarding winning financial products and, having collaborated with Alpha’s product development this year, I believe that being part of the Alpha Group is the very best place for us to achieve our corporate growth ambitions leveraging Alpha’s leading market position in the wealth and asset management sector.”

Obsidian has operations in the UK and Serbia. The firm’s staff headcount is 14, mainly including computer scientists.