Standard Life, a provider of long term savings and investments, has acquired the entire issued and to be issued share capital of Focus Solutions Group.
According to this acquisition Focus Solutions has agreed to offer 140p per share of its company. This offer values the entire existing issued share capital of the company at approximately £42m.
Standard Life said the acquisition of Focus Solutions will enhance and accelerate its group’s delivery of these solutions and services, supporting a high quality customer experience, compliant business processes and efficient straight through processing.
The combination of Focus Solutions’ technology solution with Standard Life’s Wrap platform and the threesixty market proposition will help to deliver an end-to-end solution incorporating point of sale, customer relationship management, tax wrapper and investment trading.
Focus Solutions will continue to offer its proposition and services under its own brand as well as supporting the development and delivery of full service Wrap solution.
Standard Life CEO David Nish said Standard Life Group continues to focus on the delivery of market solutions and services for intermediaries and other distribution channels.
"Consistent with our previous acquisitions of Vebnet and threesixty, the acquisition of Focus Solutions therefore provides further capability in providing support, technology, and innovation to our core markets and customers," Nish said.
Focus Solutions chief executive said the acquisition by Standard Life represents a great opportunity for Focus Solutions both to accelerate the customer reach of our market leading software and to drive further investment in our highly rated platform, enhancing our leading position in the industry.