Savings and investments company Standard Life has agreed to acquire the AIM-listed financial software business Focus Solutions Group for £42 million.
Savings and investments company Standard Life has agreed to acquire the AIM-listed financial software business Focus Solutions Group for £42 million.
David Nish, CEO of Standard Life, comments: ‘Consistent with our previous acquisitions of Vebnet and threesixty, the acquisition of Focus Solutions provides further capability in providing support, technology, and innovation to our core markets and customers. These solutions will also help to grow our retail bank and direct-to-customer distribution.’
Warwickshire-based Focus Solutions provides software and consultancy services to clients in the financial services industry such as wealth managers and mortgage lenders, in areas including pensions and general insurance. In the six months to September 2010, the company declared a pre-tax profit of £1.12 million on a turnover of £5.43 million.
Standard Life provides pensions and insurance services to around 6 million customers worldwide. The Edinburgh-based group has £179 billion of assets under administration, and operates across UK, Canadian and European markets.
