Equisoft acquires investment, pension management solutions provider Altus
Equisoft, a global insurtech company, has acquired Altus, a UK-based investment and pension management solutions provider, for an undisclosed price.
According to Equisoft, the product suite and deep market penetration of Altus adds to its product portfolio and grows its footprint within the financial services sector with a transaction platform for pension administrators as well as asset managers.
Altus offers digital products and services to more than 150 clients and financial institutions. These include specialist consultancy services and automation software.
Based in Bath, the company caters to clients in the investment, pensions, wealth management, and insurance sectors.
Founded in 2005, Altus has a workforce of 90 people.
Kevin Okell – Altus co-founder and Managing Director said: ”As we got to know Equisoft’s team, we became increasingly confident this would be a perfect marriage of two technology firms, both committed to transforming financial services with quality software and solutions, and sharing the benefits across clients, staff and communities.
”Given our substantial recent investment in UK Fintech startup Finscape, a business analytics platform for the investment industry, Altus was looking for a partner who understood its enormous potential and the critical role it could play in the investment value chain.
“Equisoft grasped this immediately, committing to further investment in the product and to expanding its geographic coverage.”
For Equisoft, the acquisition is said to strengthen its position within the financial services industry as a top player in digital transformation solutions.
The insurtech company had secured the financing of the deal through partnerships with Export Development Canada, BMO Bank of Montreal, and Fondaction.
Luis Romero – Equisoft founder and CEO said: “The new combined expertise of Equisoft and Altus positions us to lead the U.K. pension transfer market and makes us a strong contender in the European market.
”Joining the forces of both companies, each founded on entrepreneurial values, will allow us to better serve our clients by automating complex back-office processes across the investments value chain. These include investment portfolio transfers, pension fund trading, pension payroll and tax reporting.”