To expand its foortprint in the managed account business, Fiserve announced Monday it bought AdviceAmerica, which provides financial planning software for independent advisors and institutions.

AdviceAmerica will become a strategic part of Fiserv’s investment services. Fiserv, a Brookfield, Wis., based financial services technology provider, supplies a technology platform for managed accounts, known as APL, which serves approximately three million accounts.

The price of the deal was not disclosed.

AdviceAmerica, which is based in Freemont, Calif., was founded in 1999 and operates a research and development center in India. AdviceAmerica founder and CEO, Purna Pareek, and all of the company’s employees are expected to join Fiserv as part of the transaction.

"AdviceAmerica extends our capabilities into front-office applications, such as financial planning, [customer relationship management] and proposal tools, that support the growing needs of financial advisors and bank trust departments," Mike Gianoni, the president of Fiserv’s financial institutions group, said in a press release.

Fiserv provides a variety of information management and electronic commerce systems to the financial services industry.

By adding AdviceAmerica's front-office tools, Fiserv hopes to enhance its position with bank wealth managers, registered investment advisors, and insurance companies. Fiserv said the platform expands its “portfolio to enable an integrated, scalable solution for providing holistic advice based upon a broader view of an entire household's assets and goals.:

"Fiserv sets the standard for middle- and back-office technology and, with the addition of AdviceAmerica's front-office solutions, we can provide advisors with an integrated solution that best meets their needs," Pareek said in a press release.