Standard Life acquires Focus Solutions
Standard Life is acquiring Focus Solutions Group for around £42 million in cash.
Focus Solutions provides software and consultancy solutions to the financial services industry and the transaction is consistent with the insurer’s intention to step up investment in its leading corporate and retail propositions.
The combination of Focus’ technology with Standard Life’s Wrap platform will, for example, help to deliver an end-to-end solution incorporating point of sale, customer relationship management, tax wrapper and investment trading.
According to the insurer: “These solutions will be highly relevant to Standard Life’s core intermediary market as well as helping to grow its retail bank and D2C offerings.”
The group will also support the development of Focus Solutions’ existing strategic roadmap and its continued investment in its technology platform.
Commenting on the acquisition, Standard Life chief executive officer, David Nish, says: “Consistent with our previous acquisitions of Vebnet and threesixty, the acquisition … provides further capability in providing support, technology, and innovation to our core markets and customers.”
He adds: “Combining our award-winning Wrap platform, the threesixty proposition and Focus Solutions’ technology, enables us to offer a market-leading customer experience, built on a full set of supporting processes and technologies to distributors, alongside our traditional product and investment offerings.”
Last month, Standard Life reported continued strong growth, with net inflows increasing by 60%, to £7.2 billion, in the nine months to the end of September.
Category: Insurance News, Standard Life News
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