FE Fundinfo has acquired Danish fund data and technology firm FundConnect.
FundConnect was founded in Copenhagen in 2000 and collects and distributes fund data across Europe.
In a statement this morning (August 16) Carsten Mahler, chief executive at FundConnect, said: “We’re delighted to be joining the FE fundinfo family and play an active part in the business’ vision to create a Pan-European fund data and technology champion.
"This transaction enables us to offer a broader and deeper fund data universe to our clients and continue to drive the agenda for standardisation and efficiency in the collection and distribution of fund data.
“Our expertise in data automation and technology solutions complement the offerings provided by FE Fundinfo and allow us to support our global client base in streamlining their businesses and remaining compliant in an increasingly complex regulatory landscape.”
Hamish Purdey, chief executive at FE Fundinfo, added the fund distribution landscape was becoming more global and the firm was looking to become more efficient at data exchange across borders.
He added: “We share a similar philosophy with FundConnect in aiming to improve standardisation across the global fund data landscape and help our clients access and distribute their fund data and documents in a streamlined manner.
“We have been impressed with the key role FundConnect has played in improving fund data standards. Their approach to building innovative technology solutions helps to bring that data to life for the benefit of fund managers, fund distributors and investors. We’re delighted to welcome them to the FE Fundinfo family.”
The deal follows Fundinfo's acquisition of cashflow planning provider CashCalc in May this year.
CashCalc will continue to be offered as a stand-alone product, though FE FundInfo said it will invest significantly in the integration of the provider’s platform and back-office services.
In October 2020, CashCalc had a 45 per cent marketshare among advisers using cashflow modelling tools, according to data from Nextwealth.
Last month, FE FundInfo’s chief executive told FTAdviser the CashCalc deal was just the start.
Hamish Purdey hinted the acquisition may be followed by other adviser technology deals, as big businesses step up their pursuit of software providers.