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France's Linedata to acquire NY-based Gravitas Technology Services

Linedata Services SA, a French solutions provider for the investment management and credit industries, agreed to acquire Gravitas Technology Services, a New York-based provider of middle-office and technology services for the asset management industry.

Gravitas operates mainly from offices in New York and Mumbai, and has more than 80 U.S.-based staff and over 180 employees in India, Linedata said. The company booked 2016 revenues of $26.5 million.

Linedata said it will combine its software platforms with Gravitas' outsourced services, allowing Gravitas to distribute its services worldwide. It added that it continues to broaden its range of products and services through targeted acquisitions, "to span the entire value chain of institutional and alternative managers and fund administrators."

No financial details of the transaction were disclosed.