Avelo's business development director Paul Yates has stepped down after four years in the role following the firm's acquisition by technology provider Iress.
The Financial Conduct Authority (FCA) has today approved the £210m deal, announced in August, leading to Australian firm Iress taking full ownership of Avelo.
Former Avelo chief executive Simon Badley said Yates (pictured) has decided to step down following the completion of the deal.
Badley said: "I'd like to take this opportunity to thank Paul Yates for his contribution to the Avelo business to date, who has decided this point to be an appropriate time to exit the business and I wish him well in his future endeavours."
Iress chief executive Andrew Walsh will oversee the integration of the two businesses, together with a UK management team headed by Badley.
Walsh said: "I am excited by the opportunities presented by the Avelo acquisition and look forward to working closely with our clients and prospects to drive significant business benefit through technology. The combined product strengths of IRESS and Avelo and scale makes us the ideal strategic partner for financial participants."
Iress takes ownership of Avelo from a consortia of private investors led by Lloyds Development Capital, which first took a controlling stake in the technology firm in 2009.
Has run Cautious Managed fund since 2011
What’s right – not what sells
Richards fires back at committee report
Available on Investcentre platform
Invested from 2006-2011