Vermeg, the Paris-based financial technology firm formerly know as BFI, has acquired part of the business of capital markets solutions supplier Diagram from Reuters France.
Vermeg has acquired the licences and intellectual property rights for Diagram's mutual fund administration system Euro OPC and back office solutions GPI and DAM.
The firm is also taking on 28 development and consulting staff from Reuters.
Badreddine Ouali, CEO of Vermeg (and former head of Diagram), says: "The acquisition is complementary to Vermeg's existing solutions and significantly increases our presence in the European asset management sector, where Vermeg currently offers a front-office solution, Omega Portfolio."
He adds that current users of Diagram's systems will conntinue to receive an uninterrupted service.
The acquisition was effective 1 September 2002.