Assureweb has been bought out American-based iPipeline as part of its expansion into the UK market.
Aviva, Aegon, Friends Life, Prudential and Scottish Widows all held shares in the technology services provider, which provides electronic quote and application services to the life, pensions and mortgage marketplace.
Tim Wallace, chief executive of iPipeline said: "The combination of Assureweb with iPipeline will create a compelling proposition for advisers, product providers and technology partners in the UK, Europe, and Asia."
Assureweb chief executive Andrew Simon said the business would continue to focus on "making life easier for advisers". He added providers would benefit from the acquisition of the Cheltenham-based firm.
23% fall since Q1
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Including advice firm Chadkirk WM
More dates to be announced
Lowest level since 2016