International Financial Data Services (Ireland) Limited (IFDS Ireland) has acquired a substantial minority interest in Percana Group Limited (Percana).
IFDS Ireland is one of a series of joint ventures established between State Street Corporation and DST Systems Inc., which collectively form the leading global specialists in the provision of transfer agency services to mutual funds complexes.
Percana is an Irish controlled company which employs 100 people at its headquarters in Parkwest Business Park in Dublin. Percana provides market leading software, outsourcing and consultancy services to the Global Life and Pensions industry. While Percana has grown substantially in the last number of years, the management of Percana has recognised that a significant global investor was required if the company was to achieve its ambitious growth targets. William Slattery, Managing Director of State Street Ireland, and Pat Concannon, Chief Financial Officer for IFDS Ireland, will both join the board of Percana Group.
Commenting on the announcement Paul O'Kane, Executive Chairman of Percana, stated, "We are delighted that we have concluded the investment transaction with IFDS Ireland. I believe this deal will have a very positive impact on Percana. This investment represents a strong vote of confidence by preeminent global institutions in our business model, technology and people. It will enable us to scale our business both domestically and internationally at a rate which is consistent with our own ambitions and with the enormous opportunities we believe are available to us in the market place. In putting this deal together, it has become clear to us that there is a strong cultural affinity between Percana and IFDS Ireland based on our shared values of consistent growth, strong client service ethos and an entrepreneurial approach to business"
William Slattery, Managing Director of State Street Ireland and Director of IFDS Ireland, commented: "IFDS Ireland is delighted to conclude this investment in Percana. State Street Corporation and its affiliates now employ more than 2,300 people in Ireland of whicf which IFDS Ireland comprises in excess of 160 employees. We are strongly committed to this market place and this investment is a further reflection of our commitment.
The global life assurance market is a key target market for us and we believe that Percana's Eclipse system has significant potential in that market place. We are also impressed by Percana's highly experienced and motivated management team, superb list of highly respected global life assurance clients and its equally attractive pipeline of similar institutions."