Integrated Financial Holdings, owner of wrap platform Transact, has purchased a 15% stake in Sprint Enterprise Technology, an adviser technology business for an undisclosed amount.
Through this investment, Sprint is keen to further its cloud-based, adviser software system Fastrak, which accumulates investment information from across all sources including wrap platforms and non-platform assets, back office and fund providers.
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Sprint CEO Christopher Willmott said that IHL has recognized how the company would be able to bring best business practices to the client community.
"The investment underscores the credibility of our proposition and the potential for growth in our business. It will help us to remain at the cutting edge of innovation, delivering tangible benefits to our clients, without compromising our independence," added Willmott.
As per the agreement, Transact chief development officer Jonathan Gunby will be added to Sprint’s board.
With this transaction, Transact and Sprint will leverage synergies, improving client offerings, and enhancing business growth.
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