Investment management vendor DST International (DSTi) has acquired Mosiki Development, a Boston-based consulting and software firm specialising in financial services technology. Financial terms of the deal were not disclosed.
Founded in 1999 Mosiki provides back office accounting, performance measurement and reporting technology and consulting services to investment managers, hedge funds, broker dealers and financial advisors.
The firm was co-founded by Tom Montgomery, who worked for DSTi from 1994-1999.
Following the acquisition Montgomery will take a lead role in integrating the DSTi and Mosiki groups to form a new professional services division.
Mosiki's team of financial services consultants and IT professionals will also join the DSTi organisation in the US.
DSTi says it will also integrate Mosiki's technology into its accounting and performance measurement products in order to provide customers with a more effective total offering from a single supplier.
Commenting on the acquisition, Tom Abraham, CEO of DSTi, says: "We have ambitious plans for growth in North America, and I firmly believe that we will achieve this by closely aligning our business with the needs of our clients.
"The creation of a new professional services division, staffed by additional highly qualified and experienced associates, will enable us to fully understand the broader business issues facing our clients, and provide a flexible and accountable service."