Wolters Kluwer Financial Services is expanding into the integrated finance, risk and performance management field with the acquisition of FinArch.

Wolters Kluwer said the purchase, announced Monday, also strengthens its risk and compliance offerings. FinArch's management team will join Wolters Kluwer.

FinArch, based in Belgium, provides integrated finance, risk and performance measurement products that help financial institutions to manage, measure and report their activities. Wolters Kluwer, of Minneapolis, provides risk management, compliance and audit products for the financial services industry.

The purchase price was not disclosed.