FNZ, the global platform-as-a-service provider, has completed the acquisition of Irish Progressive Services International (IPSI), a leading third-party administration (TPA) solutions provider, from Irish Life. This follows the initial announcement of the deal in February.
As well as realising significant synergies, the acquisition will reinforce FNZ’s pan-European strategy and support its growing customer base across the continent.
Established in 1998 in Dublin, IPSI offers end-to-end TPA solutions to deliver a range of professional support services to the life insurance and pensions industry. These cover client migration on IPSI’s systems and processes, ongoing business operations administration and technology services, and servicing client change and development needs.
IPSI currently employs more than 250 people and services more than €30 billion in assets under administration (AUA).
Adrian Durham, chief executive, FNZ Group commented: “We are pleased to have completed the acquisition of IPSI. This marks the next step in FNZ’s European growth strategy and provides us with considerable oversight and operational TPA experience.
“Bringing together IPSI’s solutions and FNZ’s core technology and global client relationships will allow us to capitalise on the significant opportunities we see in the market.
We welcome our new colleagues to the evolving FNZ Group and look forward to working closely with the management to develop the inherent potential in the business.”
James Parker, CEO, IPSI, said: “We are delighted to formally join the FNZ Group and are excited about the next chapter of our development. Leveraging FNZ’s technology solutions will benefit our existing clients and policyholders and allow us to explore new opportunities in growth markets.”