Santa Monica-based technology and advisory company Wilshire Associates has announced an agreement to be acquired by two New York-based private equity firms. 

CC Capital Partners, a five-year-old firm founded by former Blackstone Inc. partner Chinh Chu, and Motive Partners, a specialist firm focused on financial technology, will pay an undisclosed amount for Wilshire Associates.
 
The 48-year-old company was founded by Dennis Tito as an investing technology firm in the early 1970s. As the firm grew, it quickly expanded into investment data, advisory and management services. 

Today it manages $73 billion in assets and advises on more than $1 trillion in assets, according to the company, serving more than 500 clients across 10 global offices.
 
Wilshire Associates is the creator of the Wilshire 5000 Total Market Index, more commonly known as the Wilshire 5000. The index is one of the broadest measures of the U.S. stock market, tracking all stocks actively traded in the country, weighted by market capitalization. 

It also publishes the Wilshire Trust Universe Comparison Service, which tracks $3.6 trillion actively managed U.S. institutional assets.
 
“The foundations Wilshire has built over the last five decades provide a highly compelling opportunity from which to accelerate growth for its clients and the firm,” said CC Capital Partners’ Chu.
 
Tito, 80, will step down as Wilshire’s chief executive and chairman upon the deal’s close, as will John Hindman, the company's president and vice chairman.

Chief Operating Officer Jason Schwarz will take over as President and stay on to lead the firm's investment and portfolio analytics teams.