Schwab Performance Technologies (SPT), the portfolio management and accounting solutions subsidiary of The Charles Schwab Corporation, today announced it agreed to buy back-office outsourcing provider Etelligent Consulting, Inc. in a deal that mergers two companies that serve the independent registered investment advisor market.

Financial terms weren't disclosed, and the deal is expected to close in the first quarter of 2008.

Raleigh, N.C.-based SPT provides interfaces with more than 40 different broker-dealers and makes its portfolio management software available to advisory firms regardless of where they custody assets. Today, more than 3,000 independent RIA firms use SPT's PortfolioCenter, its flagship portfolio data management solutions tool.

Overland Park, Kansas-based Etelligent provides back office outsourcing services to more than 100 independent investment advisory firms. Etelligent uses PortfolioCenter as a key part of its business model, allowing advisors to outsource major administrative responsibilities in their back office such as portfolio data management and performance reporting.

"We expect that this acquisition will enable us to help advisors achieve even greater scale across their businesses, as well as offer them greater flexibility in how they work with us," said Dan Skiles, Schwab Institutional's vice president of technology.