Advent Software has agreed to purchase Black Diamond Performance Reporting, a provider of web-based outsourced portfolio management and reporting platforms for independent advisors.

Under the terms of the agreement, Advent, an investment management software and services company, will pay approximately $73 million for all of the outstanding ownership units of privately held Black Diamond. The companies said they expect the transaction to close in the next several weeks.

Black Diamond, in addition to its online portfolio management and reporting products, provides daily reconciliation and performance reporting services.

“We understand ‘one size doesn’t fit all’ when it comes to addressing the diverse and evolving needs of the industry,” said Advent president Peter Hess in a statement. “Together, we believe Advent and Black Diamond can be even better, faster and stronger, and we’re proud to add this powerful new alternative for advisors to our family of purpose-built solutions.”

Once the transaction is completed, Black Diamond and its management team will operate as an independent business group within Advent and lead the company’s advisory strategy, the companies said. Black Diamond’s founder and chief executive Reed Colley will join Advent as general manager of the group, reporting to Hess.