Kurtosys Systems provides digital media and communications to financial services while GetSponge.com uses online conversations on social networks to allow brands to connect with customers.

Mash Patel, chief executive officer of Kurtosys, comments: ‘Today’s customers expect to interact with the brands they trust. They don’t just want access to great information, they want to join in the conversation and help create it too.

‘GetSponge.com technology will give our financial clients a fast and cost-effective way to create online communities, giving them a high definition view of their customer’s interests and expertise.’

Financial details of the acquisition were undisclosed.

The deal follows an upsurge in purchases of targets which provide social media monitoring tools to allow businesses to access new customers. In March US-based Salesforce.com paid £203.4 million to acquire social media business Radian6, a business which counts Dell, Kodak, PepsiCo and UPS as clients.

Krutal Desai, chief executive officer and founder of San Francisco-based GetSponge.com says that Kurtosys are the ideal company to take the social media business to the next level.

He adds that by using Kurtosys ‘transformational technology’ it will create useful Q&A forums which will aid financial brands to move into the ‘next generation’ of information exchange.’

Kurtosys has offices in North America, South Africa, the Philippines and India.