Independent Australian technology provider IRESS, has received regulatory approval from the FCA for its acquisition of Avelo, the UK's leading provider of technology solutions to the financial services industry.
The acquisition, through which IRESS takes 100% ownership of Avelo is a key milestone in IRESS' strategy for building and accelerating its presence in the United Kingdom. Integration provides the unique opportunity to harness the global reach of IRESS and Avelo's in-depth UK market expertise under a united brand for the benefit of both client bases.
Integration of the two businesses will be overseen by IRESS' global CEO Andrew Walsh, together with a UK management team headed by former Avelo CEO Simon Badley.
Andrew Walsh, IRESS CEO said: "I am excited by the opportunities presented by the Avelo acquisition and look forward to working closely with our clients and prospects to drive significant business benefit through technology. The combined product strengths of IRESS and Avelo and scale makes us the ideal strategic partner for financial participants."
Simon Badley, Managing Director, said: "Integration with IRESS marks the start of an exciting new era for both companies. Over the years, Avelo's strategic vision and customer centred approach has enabled it to build a truly end to end technology solution for UK advisers and enterprise clients. By joining forces with IRESS, we have the opportunity to take this vision a step further and market technology built by Avelo on a global stage.
Mr Badley added, "I'd like to take this opportunity to thank Paul Yates for his contribution to the Avelo business to date, who has decided this point to be an appropriate time to exit the business and I wish him well in his future endeavours."