RiskMetrics Group - a US $1bn company, quoted on the New York Stock Exchange - is a leading provider of risk management and corporate governance products and services to participants in the global financial markets.

A spokesman said it was attracted to Applied4 by the Leeds business's expertise in the field of investment performance measurement, a market the US firm had been looking to enter following feedback from its clients.

Stephen Frazer, of Manchester professional advisers RSM Bentley Jennison, and Paul Raftery of Mace and Jones, solicitors, advised on the deal.

Mr Frazer said: "In times of financial turmoil, it is great to see there are still business opportunities with the USA; but the fit has to be right."

Mr Raftery added: "We were delighted to act for the Applied4 team and to see them achieve not only a significant early reward for their efforts and vision, but a key ongoing role in the RiskMetrics business."

Applied4 Technology was established in 2006 by Mick Brant and several former colleagues from Mellon Analytical Solutions (formerly Russell/Mellon CAPS), Mr Brant was the chief executive and was responsible for all of Mellon's analytical business outside of North America.

Applied4 managing director, Mr Brant, said: "Never more has the financial market required robust tools for investment analysis. The strength of RiskMetrics' expertise in the risk field, their market data and their technology, combined with our expertise in the performance field enables us to bring a combined performance and risk offering to the market."

"We have sought to address many of challenges that the investment performance measurement business faces. We have built a highly skilled and specialist team to develop and deliver an innovative performance measurement platform that is crucial in such financially challenged times."