BridgePortfolio, a back office provider for investment advisors, announced Monday it signed a definitive agreement to be acquired by Insignis Inc., a national data aggregation company for the financial services industry.
The companies currently serve complementary segments of the market. BridgePortfolio is an outsourcer of back office operations for SEC and state registered investment advisory firms. Insignis provides financial-data aggregation services to institutional investment consultants, plan sponsors and investment managers.
The announcement comes on the heels of a similar announcement made by Advent Software on May 13 that it would acquire Black Diamond Performance Reporting for $73 million.
BridgePortfolio, founded in 2000, has 50 customers in the U.S. with aggregate assets under administration of $2 billion.