Platform technology provider FNZ has completed the acquisition of rival Australian fintech company GBST Holdings (GBST).
After weeks of dismissing FNZ's bids, GBST was eventually convinced to go ahead and the acquisition has now been completed. FNZ and GBST were the two biggest platform technology names in the UK, providing the underlying technology to 10 of 18 major adviser platforms.
The lang cat consulting director Mike Barrett said the acquisition makes them "comfortably the largest technology provider in the UK".
"All the big brands will be using the combined organisation, " he said. "I think from the adviser point of view, they'll be wanting to understand what it means for them - continuity of service will be top of the list."
FNZ group chief executive Adrian Durham said the acquisition of GBST marks the "beginning of an exciting period of opportunity" for both businesses.
"GBST has well established products, talented employees and deep relationships with major financial institutions globally," he said.
He added the acquisition reinforces FNZ's position as the "leading B2B digital wealth management ‘platform as a service' provider for financial institutions and their customers".
Meanwhile, GBST CEO Rob DeDominicis said: "GBST is a business that complements FNZ's global offering and the combined business will reduce cost and complexity for financial institutions and consumers.
"We look forward to working with the FNZ team to expand our business and continue to offer global expertise to our clients in APAC and around the world," he said.
In July, FNZ also purchased software provider JHC, which runs wealth management tech linking into the AJ Bell and Alliance Trust Savings Platform. Those two platforms are powered by GBST technology.
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