Linedata Services SA, a French solutions provider for the investment management and credit industries, said it agreed to acquire Hong Kong-based Quality Risk Management & Operations, or QRMO, as part of efforts to expand its outsourcing business into Asia.

QRMO, an independent risk management and operations outsourcing firm for the investment industry, has 30 employees in Hong Kong. It currently serves more than 30 hedge funds, wealth management firms and retail funds with combined AUM of $5 billion. The company booked 2016 revenues of $3.2 million.

Details of the transaction were not disclosed.

The deal follows Linedata's acquisition of Gravitas, a U.S.-based provider of middle-office and technology services for the asset management industry, in January.