FNZ acquires Dublin-based IPSI from Irish Life
Adrian Durham: capitalising on opportunities
FNZ, the financial technology company, has acquired Dublin-based third-party administration solutions provider Irish Progressive Services International (IPSI) from Irish Life.
The acquisition reinforces Edinburgh-based FNZ’s pan-European strategy and commitment to supporting its growing customer base across the continent.
Established in 1998, IPSI delivers a range of professional support services to the life insurance and pensions industry.
It employs more than 250 staff and services more than €30 billion in assets under administration.
FNZ also secured an investment from Temasek, a global investment company headquartered in Singapore.
It expects to benefit from Temasek’s significant presence and experience in Asia as it looks to grow its business in the region over the coming years.
Temasek joins existing investors Caisse de dépôt et placement du Québec (CDPQ) and Generation Investment Management LLP (Generation), who acquired a majority stake in FNZ in October 2018, in a deal that valued the company at nearly £1.7 billion.
This was the first investment from the CDPQ-Generation partnership, who came together to make large-scale, long-term sustainable investments.
Speaking about the Irish deal, Adrian Durham, chief executive of FNZ Group, 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.”
James Parker, CEO, IPSI said: “We thank Irish Life for its support and look forward to the next stage and opportunities as part of FNZ Group.”
David Harney, CEO, Irish Life Group, added: “As Irish Life continues to focus on its core business, we believe that IPSI can go even further under new ownership as part of a dynamic company like FNZ, which can help it realise its ambitions.”
The transaction is subject to regulatory approvals.