US-based robo-advisor Betterment has purchased the automated investing business of compatriot Ellevest, a women-focused company. As part of the acquisition, Betterment will take on Ellevest's automated investing accounts and assets under management.

Betterment, which claims to be one of the largest independent digital investment advisors in the United States, acquired Ellevest.

Betterment, the largest independent digital investment advisor in the U.S., has acquired the automated investing business of Ellevest. Ellevest provides wealth management and financial planning services,

Ellevest, the wealth management firm focused on serving women, is exiting the automated investing space and transferring its robo-advisory accounts to Betterment. The move, announced by both companies, marks a shift in Ellevest’s strategy as it concentrates on financial planning and wealth management for high and ultra-high-net-worth clients.

Betterment is acquiring the automated investing accounts and assets managed by Ellevest, the robo-advisor founded by financial-services veteran Sallie Krawcheck to serve women investors. The deal doesn’t include any additional accounts,

Under the terms of the acquisition, Betterment will integrate Ellevest’s automated investing accounts and assets under management into its platform. However, Betterment won’t take on Ellevest’s employees,