Capita is expanding its technology empire again and has now acquired Synaptic Systems in its drive to build Enabler, at the same time as making management changes at Quay Software.
In a statement just issued this morning, Capita says it has purchased the IT-driven research and information service targeted at independent financial advisers, for an undisclosed sum.
The IT firm considers Synaptic “an ideal fit” with its Enabler initiative – a development effectively billed as Capita total wrap system – having acquired Webline and Quay Software at the end of last year.
Synaptic’s tools are said to be used by more than 10,000 IFAs, providing product research about a wide range of financial services products including pensions, life, health, investment, mortgage and offshore products.
Selwyn Herring, chief executive officer of Synaptic Systems, says the deal should help Synaptic to accelerate its expansion plans and innovation in the financial services software arena.”
David Carrie, chief operating officer of Capita Enabler, also reveals this latest acquisitions should help intermediaries as it will allow the Enabler system to produce a single compliance audit trail on all product-related business and will remove the need to repeat data input.
“As the set of tools expand, we are seeking to bring the senior managers of each of [Capita, Webline, Quay Software and Synaptic Systems] together as an overall Enabler management team,” says Carrie.
“It is vital they talk to eachother because we can’t get the integration to run smoothly without putting the senior managers together to come up with the ideas which will make life easier for intermediaries,” he adds.
As part of this drive towards integrated development, it has just been confirmed Mitchell Philpott is moving from his managing director position at Quay Software to become chairman of the software firm, with immediate effect, to focus on business development.
David Gove, who is currently liaison between Quay and Capita for the integration, is moving inside Quay to take up the reins as managing director and will handle the day-to-day running of the firm.IFAonline
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards