IPSI, which is based in Dublin, serves the life and pensions industry with its third-party administration solutions
FNZ, a UK-based financial technology company, has signed a deal with Irish Life to acquire its subsidiary Irish Progressive Services International (IPSI), for an undisclosed price.
IPSI, which is based in Dublin, Ireland, serves the life and pensions industry with its third-party administration (TPA) solutions.
Founded in 1998, the end-to-end TPA solutions provider offers a variety of professional support services through its core policy administration and fund administration technology platforms.
Among the services offered by the company are client migration on its systems and processes, business operations administration and technology services, apart from servicing client change and development requirements.
IPSI is expected to strengthen FNZ’s pan-European strategy
FNZ said that the acquisition of the TPA solutions company strengthens its pan-European strategy and commitment to support its customer base in the continent.
The transaction is also expected to further improve FNZ’s offering. For IPSI, the deal will give it access to the core technology of the fintech company, which is expected to enhance the customer experience, while creating significant opportunities for growth.
FNZ Group chief executive Adrian Durham said: “The IPSI team have done a fantastic job of developing a sophisticated proposition and cultivating a strong, long-term client base. Bringing together IPSI’s solutions and FNZ’s core technology and global client relationships will allow us to capitalise on the opportunities we see in the market.
“We are committed to investing in IPSI and look forward to welcoming the management team into the FNZ Group and working closely to develop the inherent potential in the business.”
Currently, the TPA solutions provider has over 250 employees. The company is said to serve over €30bn in assets under administration (AUA), while boasting of more than 850,000 policies under administration.
Irish Life is selling the company to focus on its core business.
IPSI CEO James Parker said: “We are delighted at the opportunity to work with our new owners, FNZ, to leverage their technology solutions to the benefit of our existing clients and policyholders, and explore new opportunities in growth markets.
“As part of Irish Life Group, we have been able to build an industry leading team of experts and practitioners who are delivering solutions for clients across the globe. We thank Irish Life for its support and look forward to the next stage and opportunities as part of FNZ Group.”
The acquisition will be subject to regulatory approvals.