Fi-Tek is pushing deeper into the wealth management and family office space by taking over Rockefeller's 15-year-old data aggregation and reporting business.

Rockefeller & Co is selling its data aggregation and reporting business, Rockit Solutions, to Fi-Tek, the New Jersey-based financial technology company with family offices among its clients.

Rockit Solutions is a technology‐enabled service provider for single and multi‐family offices, investment advisors, private trust companies and other financial institutions.

Rockit Command, the technology platform for Rockit Solutions, was launched in January 2000 to support middle‐ and back‐office services related to Rockefeller’s wealth and asset management business. In 2005, Rockit Solutions became a wholly‐owned subsidiary of Rockefeller and began to offer services to third-party clients.

As part of the transaction, Rockefeller has established a long‐term services arrangement with Fi‐Tek for the ongoing delivery of information management services for itself and its clients.

The sale of Rockit will allow Rockefeller “to concentrate on the business of managing client money,” Reuters reported, citing people familiar with the matter.

US-based Fi-Tek, which counts banks such as Citigroup and hedge funds as clients, will use the acquisition as a springboard to bolster its offerings to family offices, the people reportedly said.

Across all technology platforms, Fi‐Tek has over 450 clients overall globally, ranging in size from $200 million to $80 billion, with combined AuM of over $1.3 trillion.

The transaction is expected to close on or around February 1, 2016. The financial terms of the deal were no disclosed.