Cementing its position as a top provider of mutual fund services to banks, the Bisys Group has struck a deal to acquire Concord Holding Corp.

The acquisition, valued at $120 million, vaults Bisys, a New Jersey-based banking technology firm, into first place among companies that help banks create and market mutual funds. Its bank fund assets under administration will soar to $45.2 billion, from $15.9 billion at present.

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