Fiserv has moved to expand its investment services unit with the acquisition of AdviceAmerica. Financial terms of the deal were not disclosed.
Founded in 1999, AdviceAmerica is based in California with a research and development centre in Bangalore and provides financial planning technology to finance firms and independent advisors.
It will be integrated into Fiserv's investor services division, with founder and CEO, Purna Pareek, and all staff expected to join the new owners.
Fiserv says the integration of AdviceAmerica's Desktop Advisor platform with portfolio management, reporting and trading systems will provide significant benefits to its clients, making it a market leader in the growing sponsor, bank wealth management, registered investment advisor, and insurance company channels.
Mike Gianoni, president, financial institutions group, Fiserv, says: "AdviceAmerica extends our capabilities into front-office applications, such as financial planning, CRM and proposal tools, that support the growing needs of financial advisors and bank trust departments."