The companies say that the joint venture will combine systems engineering with in-depth industry expertise.
Altus managing director Kevin Okell said the combination of the two would allow both firms to expand into new areas.
He said: “Adding Fundscape’s rich insight into the investment market will enable us to explore some exciting new opportunities.”
Fundscape chief executive Bella Caridade-Ferreira said: “At Fundscape we have no shortage of ideas on how to improve the investment management and distribution sector and have been seeking the right partner to help turn them into reality.
“Altus brings all the qualities we were looking for and I can’t wait to get started on the next suite of products”.
Fundscape was established in 2010 and specialises in research and analysis of the UK fund sector. It publishes the quarterly Fundscape Platform Report.
Bath-based Altus employs 70 and was founded in 2005 with a mission to ‘speed up’ financial services through technology. It provides consultancy and automation software to 100 clients in the investment, pensions, general insurance and wealth management sectors.