Thomson Financial has acquired privately-held investment software house TowersData, for an undisclosed sum.
Thomson Financial intends to integrate TowersData technology directly into its existing product and technology offerings available through its Thomson Advisor wealth management platform.
The integrated offering will enable product sponsor clients to distribute their financial services more effectively through the traditional and independent broker-dealer channels, says the company.
Thomson Financial will also continue to distribute and support the TowersData product lines, including its flagship products Hypo and netHypo.
Bill O'Conor, president, Thomson Financial's wealth management group, says: "This acquisition helps extend our market presence in the product sponsor market and allows us to offer our clients a broader set of services."
Fred Towers, chairman of TowersData, will join Thomson Financial's wealth management team. In addition, Jim Hendren, president of TowersData since 1997, will head up strategy and development for the product sponsor market for Thomson Financial.