Deal Details: FNZ, the global platform-as-a-service provider, acquires Irish Progressive Services International (IPSI) from Irish Life. The financial terms of the deal were not disclosed.
IPSI, founded in 1998, offers end-to-end TPA solutions to deliver a range of professional support services to the life insurance and pensions industry.
IPSI currently employs more than 250 people and services more than €30bn in assets under administration (AUA).
FNZ was founded in 2004 in Wellington, New Zealand. Today, it is responsible for over €480bn in AUA held by around eight million customers, including those of Aviva, Barclays, BNZ, Findex, Generali, Lloyds Banking Group, National Australia Bank, Quilter, Santander, Standard Life Aberdeen, Swedbank, UBS, UOB, Vanguard and Zurich.
In total, FNZ works with over 60 financial institutions globally and employs over 2,500 in Australia, China, Czech Republic, Germany, New Zealand, Singapore, the Nordics and the UK.