(Bloomberg) -- BlackRock Inc., the world's largest money manager, has agreed to buy Cachematrix, a financial technology company that helps banks' corporate clients with their cash management process.
BlackRock, which manages $390 billion in cash-management assets, declined to provide terms for the deal. It is expected to close in the third quarter, BlackRock said in a statement Tuesday.
BlackRock, which manages $5.4 trillion in assets, is making a push into technology as the asset-management industry goes through significant changes. Firms are looking for ways to make money as investors move out of active mutual funds into lower-fee passive pools.
BlackRock has made other technology investments in recent years. It led a funding round in iCapital Network, an online marketplace that offers ultra-wealthy investors and their financial advisers alternative investments. BlackRock also purchased FutureAdvisor, a robo firm.
Cachematrix helps banks provide their corporate clients with a system for distributing cash to money market funds and direct cash instruments, according to a press release.
To contact the reporter on this story: Sabrina Willmer in Boston at swillmer2@bloomberg.net.
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski
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