FNZ acquires Australian tech platform rival GBST in £150m deal
Adrian Durham: ‘attractive acquisition’
Scottish platform technology provider FNZ is acquiring Australia-based platform GBST in a £150 million deal.
FNZ, based in Edinburgh and London, has snapped up the Brisbane business which had agreed a deal with rival technology provider Bravura.
An announcement to the stock market in Australia said GBST has entered a binding agreement to be taken over by FNZ and the acquisition is expected to be completed by November.
FNZ chief executive Adrian Durham said GBST was an attractive acquisition because the company “has well established products, talented employees and deep relationships with major financial institutions in Australia and internationally”.
The acquisition will strengthen FNZ’s grip on the UK platform market by giving the combined business a 60% share. It currently provides the platform software used by a large number of platforms including Standard Life, Aviva and Zurich, while GBST provides technology for Aegon, Alliance Trust Savings and Novia.
Aegon faced severe problems last year in migrating Cofunds clients onto its platform.
“We look forward to working with the company to expand its product and service offering in both wealth management and capital markets,” Mr Durham added.
The former Credit Suisse business FNZ recently bought platform technology firm JHC and German investment platform ebase.