Fund administration technology provider Confluence has acquired California-based Data Agent, a provider of alternative investment industry data management and reporting solutions.
The acquisition enables Confluence to provide more technology to help fund managers comply with Europe’s Alternative Investment Management Fund Directive (AIFMD). In addition to adding Data Agent’s products, Confluence is also introducing its own AIFMD transparency reporting product, which aims to minimize risk through automation.
“The synergies gained by combining the resources of our two companies will enable us to deliver even more robust solutions for our clients and the industry at large to meet the demands of the evolving global fund industry,” says Mark Evans, Confluence chairman, president and chief executive officer. “This strategic acquisition strengthens our ability to deliver innovative solutions as the delineation between traditional and alternative investments converges and fund industry regulatory reporting requirements continue to become more globally intensive.”
As per the acquisition agreement, Data Agent will operate completely under the Confluence brand.
Confluence Acquires Data Agent for AIFMD Solutions
Fund administration technology provider Confluence has acquired California-based Data Agent, a provider of alternative investment industry data management and reporting solutions.