Data aggregator Insignis Inc. has agreed to a deal to acquire BridgePortfolio, a provider of back-office services for investment advisors, according to the companies.
The deal was described as a merger of companies that serve complementary segements of the market.
Financial details of the deal were not disclosed.
BridgePortfolio, headquartered in Chicago, is an outsourcer of back-office operations such as portfolio accounting and model trading for SEC- and state-registered investment advisory firms. Insignis, also based in Chicago, offers financial data aggregation services to institutional investment consultants, large plan sponsors, investment managers and third-party application providers.
"In the custodian data aggregation services alone, Insignis collects position and transaction data on over $2 trillion in assets on a daily basis," Insignis CEO Peter Dietz said in a prepared statement.
Under the deal, BridgePortfolio will become a wholly-owned subsidiary of Insignis, with Dietz as the CEO. All of BridgePortfolio's operational staff will be retained through the transaction, according to the companies.
BridgePortfolio, founded in 2000, has more than 50 customers across the nation with assets under administration of nearly $2 billion, according to the company.