Wealth-tech firm Iress has snapped up O&M Systems, a British software firm that offers pension and investment data and comparison solutions.
The value of the deal was not divulged.
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O&M has been integrated into the Xplan advice software of Iress.
O&M managing director Graham Miller said: “The integration with Xplan will enable us to grow our offering to a wider market whilst we maintain our commitment to providing accurate comparisons, comprehensive data analysis, client facing reports and great customer service to our existing user base established over the last 28 years.”
The acquisition is said to bolster the acquirer’s UK advice service.
The research offering of the acquired business will retain its stand-alone identity. Iress clients can avail the services of O&M immediately.
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By GlobalDataIress managing director for UK Phil Quin-Conroy calls O&M a “strategic addition” to Xplan.
“Integrating O&M into Xplan will provide advisers with a powerful, combined advice and research solution. We are pleased all members of the existing O&M team will be joining Iress,” Quin-Conroy stated.
O&M’s customer base of more than 2,000 includes pension and platform providers as well as advisory businesses. The firm was founded in 1992.
A year ago, the Australian Securities Exchange (ASX) entered into an agreement to sell its entire stake in Iress.
