With designs on capturing a greater percentage of back office service market, Mellon Financial announced today that it will acquire software provider Eagle Investment Systems of West Hartford, Conn., for an undisclosed sum.
Eagle, a privately-held software developer, will be added to Mellons investment support services arm, Mellon Global Securitites Services. "Eagles capabilities will expand and enhance the capabilities GSS provides in the rapidly growing investment operations outsourcing marketplace, allowing us to strengthen our existing client relationships and pursue substantial growth opportunities," Martin McGuinn, Mellons CEO, said in a statement.
Eagles principal products will allow Mellon to use and sell a Web-based global investment accounting system, investment data hub and portfolio management system. Those products form the basis for a strong administration platform, said Jim Palermo, president of Mellon GSS.
Eagle currently employs 200 software engineers, business analysts and sales and marketing professionals. Eagle will operates as a separate unit from Mellon GSS.