Fintech firm FNZ has purchased London-based wealth management software provider JHC Systems for an undisclosed sum.
The deal creates one of the top broking platforms in the UK, FNZ noted.
The acquisition is said to offer “significant synergy opportunities”.
JHC CEO John Blackman said: “FNZ will support JHC in enhancing and growing our SaaS offerings and gives JHC the opportunity to offer new, broader functionality to our clients.”
“This deal will provide the scale required for JHC to compete in the increasingly competitive fintech world particularly in wealth management where regulatory compliance and cyber security are of utmost importance.”
JHC supports portfolio management, account administration, regulatory compliance and risk analysis through various tools like JHC Figaro, JHC Neon, and JHC Xenon.
In addition to London, the firm also has operations in Birmingham, Newcastle and Dubai.
It counts wealth managers AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, FIS Platform Securities, Interactive Investor, LGT Vestra and Quilter, among others, as clients.
FNZ CEO Adrian Durham said: “We see a great opportunity to not only consolidate our combined position in the UK market, but to take JHC technology propositions into new strategic territories – such as APAC and continental Europe – and into new product areas.
“JHC’s founders and management team have done a fantastic job in developing a loyal client base of more than 60 financial institutions across all asset classes, currencies and instruments.”
At the same time, FNZ recently closed the acquisition of German investment platform ebase- a Comdirect Bank subsidiary- in a €154m deal.
The ebase deal was announced last July.