FNZ, the global platform as a service (PaaS) company, announces the completion of the acquisition of Australian listed financial technology company GBST Holdings Ltd (“GBST”), a provider of specialist financial services technology to the capital market and wealth management sectors.
Adrian Durham, Group Chief Executive of FNZ said: “The acquisition of GBST marks the beginning of an exciting period of opportunity for both businesses. GBST has well established products, talented employees and deep relationships with major financial institutions globally. They are a strong strategic fit for FNZ, reinforcing our position as the leading B2B digital wealth management ‘platform as a service’ provider for financial institutions and their customers.”
FNZ is a global provider of “Platform-as-a-Service”, employing over 3,000 people to help transform the way financial institutions serve their wealth management customers. It partners with banks, insurers and asset managers to help consumers better achieve their financial goals and are responsible for more than $700 billion in assets under administration, held by around eight million customers of some of the world’s largest financial institutions.
Rob DeDominicis, CEO of GBST said: “On behalf of the GBST team, we are pleased to become part of the FNZ Group. GBST is a business that complements FNZ’s global offering and the combined business will reduce cost and complexity for financial institutions and consumers. We look forward to working with the FNZ team to expand our business and continue to offer global expertise to our clients in APAC and around the world.”
Tim Neville, FNZ’s APAC CEO said: “FNZ’s acquisition of GBST represents a significant milestone in our goal to expand our business into the attractive Asia Pacific market and to fundamentally shift an analogue approach to wealth management into an enhanced end to end digital customer proposition.”
“We look forward to working with the company to expand its product and service offering in both wealth management and capital markets through FNZ’s class-leading service and technology.”