US - Global firm Mellon Financial Corporation is to acquire and Eagle Investment Systems Corporation (EIS), a privately held developer of Web-based investment management software solutions.
The buy aims to significantly enhance the range and technological sophistication of Mellon’s existing investment support services, Mellon Global Securities Services (GSS), said the firm.
GSS is an important part of our strategic focus on our asset servicing and asset management businesses, said Mellon chairman and chief executive officer Martin McGuinn.
Eagle's capabilities will expand and enhance the capabilities GSS provides in the rapidly growing investment operations outsourcing marketplace”, he added.
Mellon will acquire Eagle with a combination of Mellon's common stock and cash. Details of the agreement remain undisclosed.
The transaction is expected to close during Q4.
Founded in 1989, EIS continue to be headquarters in Newton, Massachusetts. The firm supplies solutions to a number of US money managers, plan sponsors, banks, corporate trusts, hedge funds and mutual funds, and has a current annual return of $60m. By Madhu Kalia
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