Hong Kong-based wealth management start-up Quantifeed has acquired Alpima, a London-based portfolio construction, visualization and analytics fintech company.

Terms of the deal have not been disclosed.

The merged entity’s software platform manages more than $20bn worth of assets.

This deal is part of Quantifeed’s strategy to expand its presence in global markets, including Europe, Middle East and the Americas.

Quantifeed co-founder and CEO Alex Ypsilanti was quoted by South China Morning Post as saying: “We are very excited about bringing together two hugely talented teams of financial engineers to create a world-class technology platform.”

The merged entity is claimed to provide services across a portfolio that features risk analytics, construction, order management, monitoring and reporting, reported Bloomberg.

Quantifeed was founded in Hong Kong in 2013. Other than Hong Kong, it has two more offices — one in Singapore and the other in Sydney. Backed by HSBC and global asset manager Franklin Templeton, it has expanded its operations to provide services to customers across Asia.

The company raised funds through Series C round in May. This round was led by HSBC Asset Management’s alternative investments business, HSBC Alternatives, and current shareholders including Franklin Templeton.

Alpima executive chair Rafael Febres-Cordero said: “This is a significant milestone for us, we are delighted to join the Quantifeed family and combine our leading technology to create a global platform.”

The deal will see fintech investor Fidelity International Strategic Ventures join Quantifeed as a shareholder, reported The Asset.

“This transaction accelerates our mission to increase the productivity of investment professionals and to create better investment outcomes for their clients,” added Ypsilanti.