A California-based firm has acquired a UK business with clients in the family office, robo-advisory and wealth space.

InvestCloud, a fintech firm headquartered in Los Angeles, has acquired Babel Systems, a UK business, for $20 million. Babel’s client base includes Nutmeg, a high-profile UK robo-advisory firm, as well as other wealth managers and family offices, InvestCloud said in a statement yesterday.

The Babel is designed to be integrated with any client platform, InvestCloud said.

The transaction will add to InvestCloud’s present list of more than 660 clients, many of whom have legacy accounting systems dating from the previous century, so the acquisition of Babel will be a significant boost to the acquirer’s capabilities, it said.

“InvestCloud needed an extremely high-volume and low-cost trading and accounting (book-keeping) solution designed for the cloud. Babel is the answer. Babel is designed for the international market and is the most modern platform in the world designed for robo and wealth; however, it’s also versatile and can be applied to all major financial markets,” John Wise, chairman and chief executive, InvestCloud, said.
The deal completes InvestCloud’s “whole product solution”, the firm said, following its recent selection by JP Morgan for digital solutions, and its use by PricewaterhouseCooper’s Strategic Digital Platform.
The InvestCloud platform supports over $1.6 trillion of assets across some 660 institutional customers.