FNZ announces IPSI acquisition and welcomes Temasek investment

Edinburgh-based fintech FNZ has strengthened its European business with its acquisition of Dublin-based IPSI, whilst at the same time receiving investment from Singapore’s Temasek.

FNZ announces IPSI acquisition and welcomes Temasek investment

Adrian Durham, chief executive, FNZ Group

The global platform-as-a-service provider has agreed to acquire Dublin-based third-party administration (TPA) solutions provider Irish Progressive Services International (IPSI) from Irish Life.

The acquisition reinforces FNZ’s pan-European strategy and commitment to supporting its growing customer base across the continent. IPSI will further enhance FNZ’s leading offering, and access to FNZ’s core technology will improve the customer experience and open up significant growth opportunities for IPSI.

IPSI currently employs more than 250 people and services more than €30 billion in assets under administration (AUA).

FNZ will benefit in particular from Temasek’s investment and significant presence and experience in Asia as it looks to grow its business in the region over the coming years.

The amount invested by Temasek remains undisclosed.

Temasek joins existing investors Caisse de dépôt et placement du Québec (CDPQ) and Generation Investment Management LLP (Generation), who acquired a majority stake in FNZ in October 2018, in a deal that valued the company at nearly £1.7 billion.

This was the first investment from the CDPQ-Generation partnership, who came together to make large-scale, long-term sustainable investments.

Commenting on the acquisition of IPSI, Adrian Durham, chief executive, FNZ Group, said: “We are excited to be taking this next step in FNZ’s European growth strategy and gaining significant oversight and operational TPA experience with the acquisition of IPSI.”

On the Temasek investment, he added: “Temasek’s investment in FNZ adds a further high profile investor and will enhance our reach into Asian markets. We look forward to exploring opportunities to work together to broaden our customer base in Asia and beyond.”

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