Wealthtech provider FNZ has acquired Dublin-based third-party administration solutions provider Irish Progressive Services International (IPSI) from Irish Life. Financial terms were not disclosed.
Founded in 1998, IPSI offers end-to-end TPA solutions to deliver professional support services to the life insurance and pensions industry. The firm employs more than 250 people and services more than EUR30 billion in assets under administration.
Platform-as-a-service provider FNZ says the deal will boosts its pan-European strategy while IPSI and its customers will benefit from the buyer's core technology.
Adrian Durham, chief executive, FNZ Group, says: “We are excited to be taking this next step in FNZ’s European growth strategy and gaining significant oversight and operational TPA experience with the acquisition of IPSI."
The acquisition comes on the day that FNZ secured an investment from Singapore's Temasek. Temasek joins existing investors Caisse de dépôt et placement du Québec and Generation Investment Management, who acquired a majority stake in FNZ in October 2018, in a deal that valued the company at nearly £1.7 billion.
FNZ is also planning to boost its presence in Scotland, promising to add more than 200 jobs over the next two years in Edinburgh and a new operations centre in Dundee. Founded in New Zealand in 2004, FNZ expanded into Scotland the following year and now employs more than 500 people in Edinburgh.
"Our commitment to Scotland is unwavering. The business has thrived here over the last decade-and-a-half, thanks to the combination of talent, customers and infrastructure we have been able to access, and Scotland will be central to the next phase of our global growth over the next 15 years and beyond," says Durham.