Investment Funds Direct Limited (IFDL) has selected Bravura Solutions as its preferred back office technology partner.
The two firms will now move to a planning and implementation phase which is expected to take around three months to complete.
IFDL managing director Hugo Thorman said: "We announced towards the end of last year that we were continuing to build our front office technology in house but were looking at potential back office partners.
"This move stemmed from a belief that the back office is becoming an increasingly commoditised function where scalability, flexibility and low operational costs driven through new technology are increasingly important. The due diligence we have conducted over the last few months has, if anything reinforced our thinking on this."
Thorman said the new front office techonology will be rolled out over the next 12 to 18 months.
Bravura chief executive officer Tony Klim said: "Technology plays an increasingly important role in driving the operational efficiencies that will be critical for success in the UK platform market. After extensive due diligence, IFDL has chosen our Sonata product to be the core of their future back office environment.
"Sonata is the result of an extensive R&D programme and represents the next generation of platform technology. We have already developed a strong relationship with the IFDL team and we are pleased that they have chosen us as a strategic partner."
IFDL is majority owned by Royal London Group and operates fund supermarket Fundsdirect and wrap platform Ascentric.
£1bn business since inception
Considered doing so in 2015
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