FNZ, the global platform-as-a-service provider, has agreed to acquire Dublin-based third-party administration (TPA) solutions provider Irish Progressive Services International (IPSI) from Irish Life.
The acquisition reinforces FNZ’s pan-European strategy and commitment to supporting its growing customer base across the continent. IPSI will further enhance FNZ's leading offering, and access to FNZ's core technology will improve the customer experience and open up significant growth opportunities for IPSI.
Established in 1998, 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 excited to be taking this next step in FNZ’s European growth strategy and gaining significant oversight and operational TPA experience with the acquisition of IPSI.
“The IPSI team have done a fantastic job of developing a sophisticated proposition and cultivating a strong, long-term client base. Bringing together IPSI’s solutions and FNZ’s core technology and global client relationships will allow us to capitalise on the opportunities we see in the market.
We are committed to investing in IPSI and look forward to welcoming the management team into the FNZ Group and working closely to develop the inherent potential in the business.
James Parker, CEO, IPSI said: “We are delighted at the opportunity to work with our new owners, FNZ, to leverage their technology solutions to the benefit of our existing clients and policyholders, and explore new opportunities in growth markets.
“As part of Irish Life Group, we have been able to build an industry leading team of experts and practitioners who are delivering solutions for clients across the globe. We thank Irish Life for its support and look forward to the next stage and opportunities as part of FNZ Group.”
David Harney, CEO, Irish Life Group added: “The team at IPSI, led by James Parker, have built and developed a strong business delivering excellent solutions for clients all over the globe.
“As Irish Life continues to focus on its core business, we believe that IPSI can go even further under new ownership as part of a dynamic company like FNZ, which can help it realise its ambitions. We believe that FNZ will prove an excellent partner for the next stage of IPSI’s development.”
The transaction is subject to regulatory approvals.