Fiserv said Monday it has acquired AdviceAmerica, a provider of financial planning software for independent advisors as well as institutions.

AdviceAmerica will become a strategic part of the Investment Services unit of Fiserv, a Brookfield, Wis., provider of financial services technology. Fiserv supplies a technology platform for managed accounts, known as APL, which serves approximately three million accounts.

Financial terms were not disclosed.

Freemont, CA-based AdviceAmerica, founded in 1999, operates a research and development center in Bangalore, India. AdviceAmerica founder and CEO, Purna Pareek, and all employees of AdviceAmerica 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," said Mike Gianoni, president, Financial Institutions Group, Fiserv.

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

This article can also be found at SecuritiesIndustry.com.

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