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Wealth management software provider Xplan has acquired PlanTech Consulting for US $15 million in order to add risk analysis and analytics functions to its service package.

Xplan calls itself the “leading independent planning software vendor,” and the move is seen as complementing its existing service suite, which includes portfolio management, customer relationship management, practice management and investment modeling. The move potentially adds US $8 million a year to Xplan revenue.

The PlanTech service will be integrated into the Xplan offering “from day one” in the words of representatives and will replace Xplan’s current outsourced risk model. In future, Xplan aims to deliver a more comprehensive integrated package and will eventually be looking to provide a web-based investment / risk solution.

Xplan is also looking to expand its business opportunities in both New Zealand and South Africa by leveraging off PlanTech’s existing market presence in the two countries. As part of the acquisition, PlanTech principals Tony Smith and Mark Young will stay on at Xplan.

The announcement follows Xplan’s like announcement of a technology partnership with Aegis in New Zealand.