US wealth management fintech AssetMark Financial Holdings has acquired cashflow modelling software firm Voyant in a £104m deal.

Voyant provides Financial Planning and client digital engagement tools to 20,000 advisers and companies in the UK, Canada, Ireland and the US.

AssetMark says the deal advances the AssetMark financial wellness ‘vision’ by adding  digital capabilities to the AssetMark platform.

It said: “This vision encompasses a holistic approach to advice that supports the client’s goals in a customised way.”

The firm added: “AssetMark and Voyant have a shared vision for financial wellness. The acquisition of Voyant rapidly  accelerates this vision, while providing enhanced benefits for our advisers and their clients.”

Natalie Wolfsen, incoming CEO of AssetMark, said: “Voyant’s fit into the AssetMark platform aids in creating stronger client-adviser relationships. This leads to more invested assets and greater loyalty on our platform, while also helping us attract new advisers in core and adjacent channels.”

Voyant was founded in 2006 and is widely used in the UK although has faced stiff competition from a growing number of cashflow modelling providers.

David Kaufman, CEO of Voyant, said: “We believe in AssetMark’s financial wellness vision and look forward to partnering with them to provide a broad set          of value-added solutions for their clients.”

Key components of Voyant will be integrated into the AssetMark platform tools such as AssetMark PortfolioEngine and AssetMark WealthBuilder.

AssetMark believes the deal will strengthen Voyant’s standalone growth prospects. Voyant will remain a separate subsidiary.

AssetMark will acquire Voyant for $145 million (£104m) in a cash and stock transaction. The deal is funded with $120 million in cash (£86m) and $25 million (£18m) in AssetMark stock. The transaction is expected to be completed in the middle of this year. Following the closing of the deal, Voyant will begin to be integrated into AssetMark’s systems and infrastructure.