Pittsburgh-based Confluence Technologies has acquired StatPro Group plc, a global provider of cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers. The acquisition provides Confluence a global expansion opportunity, broader range of solutions and advancement into the cloud.

Confluence acquired all issued and to be issued ordinary share capital of StatPro in an all cash offer of approximately £161.1 million (over $207 million). The transaction brings together two complementary businesses to create a supplier of front, middle and back-office solutions to asset managers and administrators.

Confluence, which provides investment data management automation for regulatory, financial and investor reporting, is backed by Boston PE firm TA Associates. Confluence also serves the international fund industry with locations in Ho Chi Minh City and London.

“By acquiring StatPro, we will accelerate our plans to migrate Confluence’s performance solutions into the cloud, and continue both organizations’ history of creating truly innovative, transformative products that our industry has come to value,” Confluence Founder and CEO Mark Evans said, in a statement. “Both companies are founder-led with cultures of innovation, integrity, imagination, discipline and service and we are pleased to welcome the employees of StatPro to the Confluence team.”

Founded in 1994, StatPro offers technology that makes advanced portfolio analytics simple and more cost-effective for investment managers of any size. StatPro has 10 global offices, servicing over 450 clients in 37 countries, and its reach will enable Confluence to expand its market presence in the United Kingdom, continental Europe, Asia and South Africa.