Independent Australian technology provider IRESS has received regulatory approval from the FCA for its acquisition of Avelo, the UK’s 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 to build and accelerate its presence in the UK.
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Paul Yates, business development director at technology firm Avelo has left following its acquisition by Iress.
The acquisition will provide the 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.
As part of the deal, Simon Badley, Avelo’s CEO has moved to Iress to head up its UK management team.
Iress global CEO Andrew Walsh will oversee the integration of the two businesses with Iress intending to accelerate its presence in the UK.
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By GlobalDataAndrew Walsh, IRESS CEO said: "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," he added.
