Finantix, a provider of sales and advisory software to financial institutions, has acquired Singapore-based Smartfolios, a creator of quant-enabled investment tools, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

With this deal, Finantix said it can combine its API-driven architecture, technology and its recently launched artificial intelligence (AI) offering with Smartfolios’ quantitative analysis solutions to deliver a digital wealth management platform.

Ralf Emmerich, co-founder and director of Finantix, said the acquisition will “extend our coverage and support for key actors like CIOs and investment strategists and provide a solid foundation for strategic robo-advisory initiatives that don’t follow a low-end formula”.

Finantix provides wealth and hybrid robo-advisory solutions to wealth managers, private banks and insurers in more than 40 markets.

Together, Finantix and Smartfolios plan to cover investment processes including strategy building, house view distribution, robo-personalised portfolios, and analytics.

Financial details about the acquisition were not disclosed.

Venice-headquartered Finantix has a customer base spanning over 45 countries, and has eight offices across Europe, North America and Asia. The company demonstrated its Banking Assistant solution, part of the company’s multi-channel platform, Finantix Sharp, at FinovateEurope 2013.