Objectway Financial Software, which serves financial institutions in the EMEA region, has signed a definitive agreement to buy 3i Infotech Western Europe from the 3i Infotech Group.

Objectway Financial Software, which serves financial institutions in the EMEA region, has signed a definitive agreement to buy 3i Infotech Western Europe from the 3i Infotech Group.

3i Infotech Western Europe serves investment managers in the mid-market range in the UK and serves about a quarter of this market, a statement from Objectway said.

Terms of the acquisition weren’t disclosed.

“Objectway Financial Software acquired 3i Infotech Western Europe for its strong presence in the UK, distinctive product offering, talented employees, and ability to deliver specialised client solutions,” it said.

3i Infotech Western Europe's products - which include rhymeSIGHT, Fiscal and Altimis - have been established in the UK market for more than 25 years and have 30 active clients.

"This acquisition strongly reinforces our position and accelerates our commitment to expand within the UK market, the largest in EMEA," Luigi Marciano, founder and chief executive of Objectway Group, said.

Objectway's was legally advised by Matteo Delucchi, partner at Giovannelli and Associati Law Firm, and Angar Porthun, partner at Porthun & Partner.

The firm has offices in Italy, Belgium, and the UK and employs 400 staff, serving more than 50,000 investment managers in 14 countries.