Solutions provider to the asset management industry Confluence Technologies has announced that it has agreed to acquire Investment Metrics for $500 million. This is the company's first acquisition since being bought by private equity firm Clearlake.

Investment Metrics is a provider of investment data, performance, analytics and research software solutions aimed at helping institutional investors and advisors achieve better financial outcomes, grow assets and retain clients with clear investment insights.

The transaction is expected to close in the fourth quarter of 2021.

Founded in 1998 and headquartered in Norwalk, Connecticut, Investment Metrics services more than 400 clients across 30 countries with solutions that drive insights across more than 20,000 institutional asset pools, 28,000 funds, 910,000 portfolios, representing over $14 trillion in AUA.

“As we continue to advance on our growth strategy, Confluence is excited to welcome Investment Metrics to the team," said Mark Evans, CEO of Confluence.

He added: "There is a growing need in the market for solutions that streamline operational efficiencies and drive scale. By combining our capabilities with those of Investment Metrics, we will be optimally positioned to deliver a comprehensive analytics solution to our clients, while streamlining analysis and providing fiduciary oversight across the wider ecosystem. Together we are committed to fostering a culture of innovation."