BNY Mellon To Buy Milestone Group; Financial Terms Undisclosed

(RTTNews) - Bank of New York Mellon Corp. (BK) Thursday said it has entered into a definitive agreement to acquire Milestone Group, a provider of fund management technology. The financial terms of the deal were not disclosed.

Closing of the acquisition is subject to customary conditions and approvals and is expected to occur in the second half of 2021.

BNY Mellon noted that Milestone's pControl platform is widely recognized as an industry leader in fund and investment automation.

With the purchase of Milestone, BNY Mellon expects to advance the digitization and automation of core accounting and asset services, delivering increased accuracy and timeliness.

Both companies had formed an alliance over a year back to create a suite of oversight and contingent net asset value or NAV services for asset managers and asset owners seeking independent oversight and backup NAV capabilities.