Citisoft, the UK-based asset management consultancy, is being bought by Indian-based IT firm, Satyam Computer Services, for $23.2m (€17.7m) plus a potential performance related payment of $15.5m.

Citisoft is best known for researching and advising fund management clients on their outsourcing options. It recently launched a product to help fund managers compare the efficiency of their in-house teams to external providers.