ITM has announced it has acquired Faraday Tracing Bureau (FTB) for an undisclosed sum.
FTB provides specialist tracing services for providers, schemes and third-party administrators in the private and public sectors.
ITM said the acquisition provides a natural extension to its proposition - enabling development into adjacent markets while maintaining focus on data quality and accuracy.
ITM chief executive Darran Blount said: "FTB's core services form a fundamental role in data improvement and integrity; a service that is incredibly important to our clients.
"We can now deliver this with the addition of FTB's capabilities - which we will continue to build upon. Demand for our data services has never been greater as our clients look to improve data for a number of strategic reasons."
FTB managing director Ian De Souza said he expects to see technology and service providers continuing to focus on data accuracy as the industry needs greater insight and understanding of members; both for regulatory compliance and long-term planning.
He said: "FTB has worked with ITM in the past and share many common clients. I believe we are a good fit for ITM, and my team and I are thrilled to join them."
ITM specialises in technology-led data audit, management, administration and migration services, working with pension funds, providers, trusts and administrators as well as wider financial institutions. The firm currently employs 140 staff across three offices in the UK.
The acquisition comes just months after ITM completed a private equity-backed management buyout.
The data management firm was formed in 2003 by Guy Ridley, Grant Stanley and Daniel Hockley who, having identified a service requirement for data compliance within the pension administration industry, decided to build a proposition offering data audit, cleanse and migration consultancy.
In a statement, ITM said the transaction fulfils the founders' wishes to step away as part of a transition process - but noted the deal would retain continuity in management, as well as the firm's values.
The transaction was backed by Inflexion Private Equity, a UK mid-market private equity firm, investing in high growth, entrepreneurial businesses.
The management team completing the buyout was led by Blount, as well as consulting director Maurice Titley, sales and marketing director Matt Dodds, chief financial officer Gurmit Dhesi, and executive chairman Duncan Howorth.
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