The independent Australian technology provider, IRESS, which specialises in wealth management technology and services from 14 global offices, is buying Avelo, a UK-based provider of data software to financial services firms, intermediaries and consumers. The acquisition, which includes the Exchange portal widely used in the UK, is subject to regulatory approval from the Financial Conduct Authority (FCA) and is worth £210m according to statements released to the Australian stock market.
The proposed takeover of Avelo by IRESS is part of the Australian vendor’s growth strategy as it looks to develop its foothold in the UK financial technology (fintech) sector after entering the marketplace in November 2011.
The combined entity should have good alignment and will offer clients products and services across the wealth management, banking, mortgage and intermediary sectors.
The acquisition, expected to close in Q3, will see IRESS take 100% ownership of Avelo from a consortia of private investors led by Lloyds Development Capital. LDC first took a controlling stake in Avelo (then named 1st-The Exchange) in 2009 and supported the business through the subsequent acquisitions of N4 solutions and most recently, the mortgage specialist TrigoldCrystal.
Commenting on the deal Andrew Walsh, chief executive officer (CEO) of IRESS, said: “The acquisition of Avelo is not simply a financial investment but a strategic commitment to long term sustainable growth in the UK and regionally across Europe. IRESS and Avelo have an unrivalled product suite and scaled delivery capability. This combination makes us an obvious choice for manufacturers, distributors and lenders seeking a reliable and financially secure strategic technology partner.”
Avelo’s existing managing director, Simon Badley, will report to IRESS’ global managing director, Andrew Walsh, under the proposed new management structure.
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